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Many thoughts have been given to Bitcoin with a lot of arguments on its regulation. The finance minister of Austria has called on the law enforcement agency of the country to regulate the cryptocurrency. Previously, it was Iran and Belarus. Bitcoin is a decentralized currency and cannot be controlled easily by any Central Bank unless by a harsh regulation to scare away users. Few states in the United States of America have proposed to accept tax in Bitcoin, giving it a chance to reign. According to the finance minister of Austria, Hartwig Löger, Bitcoin is very important in the financial sector, however, it destroys the reputation of the young.

Löger’s Comment

The Austria finance minister said: “Cryptocurrencies are in the process of massively damaging the reputation of the financial market.” He added: “and jeopardizing the reputation of a young but very important sector for the financial market of the future.” He added that there have been statements issued by experts warning the central bank and the various institutions about the danger imposed by Bitcoin, and called on authorities to regulate its use. Bitcoin is said to be the reason for the high increase in ransomware attacks and other criminal activities.

Most of the regulations imposed on Bitcoin and other cryptocurrencies are due to the perception that cryptocurrencies lead to high illicit activities among the youth. Bitcoin is very popular on the Darknet marketplaces. They are used as a medium of exchange for the buying and selling of drugs, arms and even sophisticated tools used to launch cyber attacks. This is one of the greatest weaknesses of the digital asset affecting its acceptance in the various countries and institutions. Regardless of these, the Georgia State and the Utah State have submitted a bill that seeks to allow tax payment in Bitcoin.

Hartwig Löger also said that: “Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing. That is an important aspect of the changes we support. We need more trust and more security.” According to him, this weakness of Bitcoin can be overcome by treating the cryptocurrency the same way gold is treated. Developing countries have been called upon to consider Bitcoin to help the fight against corruption which is in topmost speed. To him, Bitcoin is a two-faced coin with the possibility of helping and the possibility of causing damage.

The Austrian FMA in a statement welcomed the idea of the finance minister. Austrian FMA in a parallel statement released the same day, 23 February. “The Board of the Austrian Financial Market Authority (FMA), Helmut Ettl and Klaus Kumpfmüller, welcome the move of Finance Minister Hartwig Löger to subject cryptocurrencies such as Bitcoin to regulation and supervision.” They agreed to the fact that even though Bitcoin is very important in the financial world, it can cause a great damage if not supervised through regulations. This danger has been stressed on by many experts though some countries have not thought about this.

The Board of Management Agree To It

The Board of management expressed their concern on the digital currency and gave a thumb up to its regulations. “Since digital currencies are essentially a phenomenon of the Internet and are offered there without limits, regulation and oversight of cross-border cooperation are also of great importance.”

The digital currency is said to be used by terrorists to raise funds for their operations through a forum on the Darknet. In view of the many negativities associated with it, some countries are considering strict regulations against it. It is also likely that Bitcoin will have a positive face in the future consideration of decentralized currency.

Image from www.thecryptotea.com

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