The European Commission (EC) may soon be rethinking its stance on virtual currency, if some members of the European Parliament (MEPs) have their way.

EC, the executive arm of the European Union, has been firm in its position that digital currencies shouldn’t be regulated just yet, stressing the need to focus more on monitoring cryptocurrencies to “understand better what is happening.”

But a new report on virtual currencies from the European Parliament’s Committee on Economic and Monetary Affairs could potentially prompt an overhaul of the existing European Union payments laws.

The report, which you can read entirely here, stated that virtual currencies and distributed ledger technology not only help bring down the cost of transactions and access to finance, but they also boost the flexibility and speed of payment systems.