With how big Bitcoin, and the whole industry of cryptocurrency, had become, some people have always that a time when it can no longer escape the security of the public and worse, the government, would come. When it began, up until right now, Bitcoin and all other forms of cryptocurrency, have remained unregulated and free from any control by any ruling government in the world. This gave this form of digital money both an edge as well as risks when it comes to it being a form of investment. For one, it remains to be highly volatile. On the other hand, its volatility is what is attributed by many as one of the leading factors that gave it a huge value.
From being a virtually unnoticed and technically unusable form of money, BTC is now widely accepted across various industries. People can now use it as a payment method online or as a form of investment. They can even gamble with it through Bitcoin casinos, among other things. However, with the increasing popularity and value of Bitcoin, also comes the fear of it being scrutinized by the government and eventually becoming a regulated currency, too. Are we close to that point? A c cryptocurrency expert thinks that it is indeed something to fear about.
“I think there could be some crackdown,” Jesse Powell, CEO of Kraken, told CNBC in an interview. If one would follow the news recently, you won’t be able to blame them for having this kind of fear. Several government officials across the world, including US Treasury Secretary Janey Yellen and European Central Bank President Christine Lagarde had called out Bitcoin for possible use for money laundering, a source of funding for terrorist activities, and an instrument for fraud, among other illegal things.
In general. Bitcoin’s main sue is not inherently bad nor illegal. It is mostly used by people as a form of payment, and even huge companies like Tesla have started to accept bitcoin as payment for their products. People use it to play on the best Bitcoin casinos since it gives them the privacy and anonymity they want.
A recent rule regarding anti-money laundering in the United States had imposed that people who will have cryptocurrency transactions of more than $3,00 worth–or hold the same amount at a single time–should undergo identity verification.
Such a rule is nothing big and should not be a problem for most people. However, Powell believes that being under this kind of rule essential beats the entire purpose of something like Bitcoin being invented.
“Something like that could hurt crypto and kind of kill the original use case, which was to just make financial services accessible to everyone,” Powell said.
“I hope that the U.S. and international regulators don’t take too much of a narrow view on this,” he added. “Some other countries, China especially, are taking crypto very seriously and taking a very long-term view.”
Right now, Bitcoin remains to be an unaccepted form of money, technically speaking. Although most countries have not outlawed its ownership, use, and selling, it is considered by many governments as more of a property than legal tender.
Surprisingly, even third-world countries have started to widen their embrace of Bitcoin. The Philippines, for example, was reported to be the world’s third-largest cryptocurrency market, indicating that the concept and trade of crypto are widely recognized and accepted in the country.
Countries like China, on the other hand, have rendered BTC and other cryptos as of no value, due to the numerous restrictions imposed by the government.
Will Bitcoin Be Regulated Soon? Experts Believe A “Crackdown” Is Coming
With how big Bitcoin, and the whole industry of cryptocurrency, had become, some people have always that a time when it can no longer escape the security of the public and worse, the government, would come. When it began, up until right now, Bitcoin and all other forms of cryptocurrency, have remained unregulated and free from any control by any ruling government in the world. This gave this form of digital money both an edge as well as risks when it comes to it being a form of investment. For one, it remains to be highly volatile. On the other hand, its volatility is what is attributed by many as one of the leading factors that gave it a huge value.
From being a virtually unnoticed and technically unusable form of money, BTC is now widely accepted across various industries. People can now use it as a payment method online or as a form of investment. They can even gamble with it through Bitcoin casinos, among other things. However, with the increasing popularity and value of Bitcoin, also comes the fear of it being scrutinized by the government and eventually becoming a regulated currency, too. Are we close to that point? A c cryptocurrency expert thinks that it is indeed something to fear about.
“I think there could be some crackdown,” Jesse Powell, CEO of Kraken, told CNBC in an interview. If one would follow the news recently, you won’t be able to blame them for having this kind of fear. Several government officials across the world, including US Treasury Secretary Janey Yellen and European Central Bank President Christine Lagarde had called out Bitcoin for possible use for money laundering, a source of funding for terrorist activities, and an instrument for fraud, among other illegal things.
In general. Bitcoin’s main sue is not inherently bad nor illegal. It is mostly used by people as a form of payment, and even huge companies like Tesla have started to accept bitcoin as payment for their products. People use it to play on the best Bitcoin casinos since it gives them the privacy and anonymity they want.
A recent rule regarding anti-money laundering in the United States had imposed that people who will have cryptocurrency transactions of more than $3,00 worth–or hold the same amount at a single time–should undergo identity verification.
Such a rule is nothing big and should not be a problem for most people. However, Powell believes that being under this kind of rule essential beats the entire purpose of something like Bitcoin being invented.
“Something like that could hurt crypto and kind of kill the original use case, which was to just make financial services accessible to everyone,” Powell said.
“I hope that the U.S. and international regulators don’t take too much of a narrow view on this,” he added. “Some other countries, China especially, are taking crypto very seriously and taking a very long-term view.”
Right now, Bitcoin remains to be an unaccepted form of money, technically speaking. Although most countries have not outlawed its ownership, use, and selling, it is considered by many governments as more of a property than legal tender.
Surprisingly, even third-world countries have started to widen their embrace of Bitcoin. The Philippines, for example, was reported to be the world’s third-largest cryptocurrency market, indicating that the concept and trade of crypto are widely recognized and accepted in the country.
Countries like China, on the other hand, have rendered BTC and other cryptos as of no value, due to the numerous restrictions imposed by the government.