Last year, 2017, was most certainly the year of the ICO, and 2018 could prove to be the year of regulation. At the G20 meeting of finance ministers in Buenos Aires, it was agreed by the member nations that more information on cryptocurrencies needs to be gathered and examined. However, countries do see cryptocurrency as an asset, not a currency.
As cryptocurrency fever takes hold of the world, regulators in various countries are making their positions known. In the USA, the Securities and Exchange Commission (SEC) has issued a number of statements regarding the risks around cryptocurrencies, exchange platforms and Initial Coin Offerings as well as stopping a few Initial Coin Offerings (ICO) in their tracks.
According to Coindesk, “major regulators seem to agree is on cryptocurrency’s impact on the global financial system. Bank of England head Mark Carney, who also chairs the G20’s Financial Stability Board, wrote recently that “crypto-assets do not pose risks to global financial stability at this time,” citing the relative size of the overall market cap.”
“Crypto is more an asset than a currency. If we want to move on and protect citizens from any kind of speculations or money laundering or terrorism financing, we need rules.” French Finance Minister Bruno Le Maire said.
Read the full statement – Communiqué Finance Ministers & Central Bank Governors 19-20 March 2018, Buenos Aires, Argentina
Cryptocurrency Regulation in 2018, Where the World stands now.
As regulation closes in, the question remains … Will Banks and Regulation kill Bitcoin? What is your opinion?
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