Though Bitcoin was developed in 2008 and was used from then on it got recognition in 2017. So as more people falling for it, financial bodies thought of regulating such currencies. Regulating bitcoin would be the good option as thought by many government bodies.
In 2018, South Korea laid down law which prevents nameless trading, while China went right beforehand and banned buying and selling using cryptocurrencies entirely.
Meanwhile, monetary authorities in Germany and France have known as for an international crackdown on cryptocurrency, whilst Japan already has regulations in location which require cryptocurrency exchanges to be registered and preserve sure standards of security lest they are shut down.
Regulating Bitcoin is Here, but Is It a Bad Thing?
Of course, law in the decentralized, volatile, and historically unregulated cryptocurrency market has been a long time coming, and certainly shouldn’t shock anyone. Whether or not authorities rules of the cryptocurrency market is excellent or not, however, stays a debatable topic. Some humans consider market regulation is finally a properly thing, as it helps legitimize cryptocurrency and, in turn, entice fresh cash from institutional investors.
Regardless of how advantageous law will be, it would nearly simply assist deter at least a modicum of fraud and scams. Said Guelfi-Gibbs:
We know that crypto has had more than its share of scams, so guidelines will help to stop such things from happening. Without acceptable regulations, institutional traders will continue to be away and mass adoption will no longer happen. So some rules ought to be useful for the area to reassure traders and the public.
According to Andrei Huseu, CEO of WealthMan:
As a end result of this, cryptocurrencies will obtain greater recognition. Interest in crypto forex will increase. At the equal time, the rules norms in phrases of enforcement will now not be definitely tremendous because of the incapacity of the judicial system to make changes to the blockchain-based registry.
So as many predicted 2018 will be the year of regulating cryptocurrencies, which is all set to be on a right track. My Personal opinion is regulating such currencies will attract more people.
Please comment down below your views on regulating cryptocurrencies.