Despite several setbacks, the bitcoin industry is continuing to grow across the world as people in more countries take notice of the digital currency's benefits.
While the cryptocurrency is still far from becoming a mainstream payment method, European regulators are beginning to follow in the footsteps of the Bank of England by planning ahead and evaluating how to integrate the cryptocurrency into the region's financial system.
On Monday, the European Banking Association issued a report detailing its findings on the use of cryptocurrencies.
The report stated that, although bitcoin still has a long way to go before it can be considered a viable currency, digital currencies are an important issue worth paying attention to in the future.
Related Link: NASDAQ Interested In Blockchain
Blockchain As A Viable Opportunity
The EBA acknowledged that despite bitcoin's volatility and security concerns, the technology that powers it could be applied to several different industries to improve their operations.
The report commended blockchain's ability to make processes faster and simpler, saying that it would be useful in fields like IT and contract law.
More Bitcoin Exposure
Shortly after the EBA's release, bitcoin platform Coinify announced that it was expanding throughout the eurozone to allow 34 European countries to buy and sell bitcoins.
Coinify is using the Single Euro Payments Area, or the bloc's payment integration scheme, in order to carry out the expansion.
Related Link: ItBit Became The First Cryptocurrency Exchange To Receive A Banking License
Making Europe Part Of The Digital Payment Revolution
Coinify's expansion is expected to put Europe in a position to take advantage of the growing popularity of digital currencies. Coinify's Chief Financial Officer Christian Visti Larsen said the company's next round of funding is expected to raise enough money "to make sure that Europe will be playing a leading role in this new payment space."
Image Credit: Public Domain
See more from Benzinga
- Is The Shale Oil Market Recovering?
- Working From Home Could Become Even Easier
- The Rise Of Cyber Insurance
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.