CryptocryptocurrencyIndustry

The Call For Regulation In the Crypto Sphere

Regulation has always been a real obstacle to mainstream adoption in the crypto arena.  The message is coming across very loud and clear from a variety of market participants including Treasury Secretary to the US Janet Yellen who has publicly ripped into Bitcoin calling it an “inefficient way of conducting transactions”.  Would she still say that if the US was regulating and reaping rewards from the industry? More recently, the  Central Bank of India has all but banned the use of cryptocurrencies, with bitcoin tumbling 20% on the news. Bitcoin is very sensitive to this kind of news. The problem with cryptocurrencies is there is no one set rule or body to monitor crypto activity globally. Each country creates its own rules and still, cryptos remain unregulated.
The Global Picture
A variety of countries have stressed that cryptocurrencies open the door to illicit activities like money laundering and the sale of drugs. These include Algeria, Bolivia, Morocco, Nepal, Pakistan, and Vietnam who have restricted any form of activity that involves digital currencies.
 And some now require financial institutions that manage digital assets to use enhanced due diligence, these include Australia, Canada, and the Isle of Man who has implemented legislation that dictates that crypto transactions should come under the scope of both counterterrorism and money laundering laws.
 Qatar and Bahrain meanwhile, allow their citizens to engage in cryptocurrency activities outside of their borders only.  Still, other jurisdictions, while not directly banning activities involving cryptos, have restricted banking institutions inside their jurisdictions …
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