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Regulation and Crypto Currencies

Since bitcoin came to life in 2008, the digital currency industry had developed tremendously, as we now have around 1100 digital currencies that are trading on the market, with prices between a few cents to a few thousand US dollars. The crypto currency foundation is made on transparency and no government intervention. That is why investors and ordinary people had been drawn to this industry. However even though a monetary system that is not inflated by a central bank seems ideal, the lack of regulation from the industry had been in the center stage in the past two years and we’ll use this material to focus on how the central authorities are viewing crypto currencies.

Source: betanews.com

The EU seems to support them

The European Union seem to have a positive approach to the idea of blockchain technology and cryptocurrency. The EU leaders understand the importance of technology integration in the future monetary system and are open for any innovative ideas. However, an unregulated monetary seems pretty unlikely to flourish but the fact that they are not treating crypto currency as a treat at the present time, makes people optimistic for the future.

China and US have totally different views

Recently, though, China had banned Initial Coin Offerings, claiming that it is an illegal means of funding. More communist countries, like Nepal and Russia, also have a negative view on crypto currency and bitcoin, especially.

US Secretary of the Treasury, Steven Mnuchin, seems also concerned about the use of bitcoin in illicit dark web markets. As he had recently stated: “It’s something we are looking at very carefully and will continue to look at”, which shows that the US central authorities are concerned crypto currencies will emerge as a money laundering tool.

Taking that into consideration, regulation in the crypto currency industry could be in the center stage in the next few years. Even though the blockchain technology proved to be a reliable solution, it seems like governments will try to at least have information about the way financial transactions will take place, so people with bad intentions could be stopped more easily

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