Governments from all over the world, including that from US, Canada, Germany, Japan, China, Sweden, Venezuela, and more are willing to join hands to promote the regulation of cryptocurrencies and foray into its several benefits. In an article published in the BTCManager in March 2018, author Shaurya Malwa pens down that “Finance ministers and central bankers from around the world will discuss new regulations for cryptocurrencies at this week’s G20 summit in Buenos Aires”. This is seen as an extremely positive sign depicting potential and growth opportunity for the digital currencies
Although, cryptocurrency faces opposition from different groups and critiques around the world, more than a handful support digital currencies and have started embracing the many advantages that the virtual currency has to offer to the people of all age groups and backgrounds. According to the Indian Government, “Cryptocurrency is the new technological gremlin haunting the world’s exchequers. Governments want to rein it in”, says Shelley Singh in her article in The Economic Times.
Regulation of cryptocurrencies
Further, the article by Shaurya mentions that “Japanese officials had recently expressed an interest in joining forces with other countries for anti-money laundering measures involving cryptocurrencies”. This statement is a very powerful note, which is proof of the fact that cryptocurrency is not just any passing investment trend, unlike precious metals that will die out in its future course. This rather sends out a very strong message that cryptocurrencies such as Bitcoins, Ethereum, Altcoins, etc…. are all here to stay and progress and not just disappear from the face of the earth.
Here are a few compelling reasons that have a led to a change of heart in our global leaders towards cryptocurrencies:
The huge jump in the Bitcoin value from literally nothing to a great magnitude of thousands and even touching the base of tens of thousands, in less than a decade is seen as a commendable progress.
No other tradable asset or commodity has ever achieved growth and progress when compared to those achieved by cryptocurrencies including Bitcoins, Altcoins or Ethereum.
Unlike other tradable commodities where the world revolves around a single asset name, cryptocurrency has been popping out several profitable currencies one after the other – Bitcoins, Ethereum, Altcoins, Litecoins, Ripple, etc… all of which are experiencing unparalleled success to date.
Entrepreneurs have begun to accept crowdfunding in the form of cryptocurrencies through cryptocurrency ICOs, as a means to fund their new business ventures, which is a great mark in the history of the start-up world.
Additionally, cryptocurrency is finding new ways to capture the interests of different stakeholders, which have caught the attention of the government in many of the developed countries such as USA and Japan.
Finally, to conclude, here is what an official letter from Mark Carney, Financial Stability board member from Canada has to say about cryptocurrency. “In the last month, there have been several examples of government and regulatory actions towards cryptocurrencies. This shows acknowledgment that cryptocurrencies and blockchain have a potential to be used in a positive and productive way but also that the illegal activity within cryptocurrencies needs to be addressed”. This statement firmly acknowledges the very fact that cryptocurrencies are “Not a threat”.