Earlier this year, the EU Parliament stated that it’s ready to regulate the cryptocurrency sector. Given the overall public opinion of the EU Parliament, many crypto enthusiasts didn’t take this news with a smile.
It was heavily noted that the risks are too great for casual investors. While a few people made fortunes, others lost everything. As of today, cryptocurrencies are still a tiny fraction of the financial system. There is no clear consensus between the G20 countries for regulation. The EU Parliament will debate this topic for a very long time.
The EU Parliament must proceed with caution regarding regulations
The topic is very delicate since the sector relies heavily on innovation. Policymakers need to be careful because they can disrupt job creation and growth in other sectors. Just last week the EU parliament stated that cryptocurrencies will not be able to challenge central banks.
Now it’s without a doubt that cryptocurrencies have brought on about many positive changes. Global financial transactions with zero regard for national borders are used more than ever.
There is little room for doubt in regards to the future of cryptocurrencies. In time they will become a permanent element of the global economic structure. Many countries are in the process of making changes to their own laws, cities and even governments to be one step ahead.
Despite the FUD, which is mainly fueled by the endless mass media propaganda, countless investors are stepping hard on the gas towards a brighter future. There are indeed causes for concern such as modernized financial crime and money laundering and the ever increasing and different crypto attacks.
Central banks might say cryptocurrencies can’t challenge them, but it’s only a matter of time until someone or something does.
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