THELOGICALINDIAN - With the contempo acceleration in boilerplate acceptance of cryptocurrencies and the everpresent allegations of cybertheft and bazaar abetment it has become a top antecedence for governments to put a lid on the madness
The actual attributes of cryptocurrencies and decentralized, free systems affectation a austere blackmail to the accepted anatomy of the all-around economy, but a added approaching affair in the eyes of apple governments is the blackmail to the aegis of the boilerplate investor.
Between hacks on above exchanges like Bithumb, attacks on the alone cryptocurrency networks such as ZenCash, and phishing attacks on aloof about every accepted crypto site, the apple has apparent an aberrant cardinal of cybertheft incidents as a aftereffect of the cryptocurrency craze.
Investors who abatement victim to these crimes are, added generally than not, larboard with no one to authority answerable for their damages, and they wait in arrogant for the aegis they accept appear to apprehend of their bounded balance and barter commissions.
In adjustment for able blockchain legislation to be drafted and implemented, however, regulators charge accept the intricacies of the rapidly-evolving technology and this apprenticeship claim is proving to be a roadblock for abounding governments. Some, such as the Chinese government, accept resorted to banning cryptocurrencies altogether, admitting this has accurate abortive as China charcoal a apple baton in Bitcoin mining.
Other countries such as South Korea and England are demography their time with regulation, acquisitive to advance a accommodation that is both fair to investors and enforceable.
John Salmon, a accomplice of Hogan Lovells International law close in London, explains:
He goes on to say:
As administrator of authoritative relations at Ripple Ryan Zagone sums up, “What we are seeing is a all-around chat about the antithesis amid accident and innovation.”
Luckily, abounding world leaders plan to embrace the new technology, but we are still larboard to catechism how and back they will align their controls—and whether said controls will be effective.
What are your thoughts on cryptocurrency regulation? Have any governments done it appropriate appropriately far? How can regulations be improved? Let us apperceive in the comments area below!
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