The European Parliament has voted in favor of a resolution to use blockchain technology to modernize the EU’s taxation process, while the resolution calls for streamlining rules for taxing crypto assets, The Block reported. The resolution seeks to determine what constitutes a taxable event and suggests that switching from cryptocurrency to fiat currency is the most viable option. Blockchain technology is also being advanced as a taxation tool, according to a European Parliament announcement. Commission asked to implement blockchain technology in tax plan. It also encourages EU member states to reform their tax authorities. The document was passed by an overwhelming majority of 566 to 7, with 47 abstentions, in the plenary session of parliament.