EU Legacy Banks' Cry for Help?

If the EU can't beat them, regulate them? (Getty Images license)

Former UK MI5 Intelligence agent Annie Machon warns that legacy banks in the EU are turning to regulation as a competitive advantage against emerging cryptocurrencies. If this is true then it should be a clarion call for European financial houses to wake up to emerging technologies that are being developed and implemented in the US and China. 

Ms, Machon commented as follows:

“I think we have a situation where any new form of technology on the internet, we’ve seen this for the last 30 years, that challenges the business models of established businesses is going to be cracked down on by governments, by international organizations to try and protect the old business models.”