The most powerful country on earth, the country that everyone looks at, is not planning crypto regulations. According to the White House cybersecurity coordinator and special assistant to Trump, Rob Joyce, regulations are not close to take place. This is good news for the cryptocurrency world that seems that will be hardly regulated this year.
United States Crypto Laissez-Faire
Apparently, the United States are taking a laissez-faire doctrine. That means that they prefer to wait without intervening the market, but “studying” different regulations for the future. While speaking to CNBC at the Munich Security Conference in Germany, Mr. Joyce said when asked about regulations in the US:
“I think we are still absolutely studying and understanding what the good ideas and bad ideas in that space are. So, I don’t think it’s close [bitcoin regulation].”
The comments about regulations may still give some energy to the cryptocurrency market to keep bullish. Some weeks ago, bitcoin was traded under $6,000 dollars and now it is traded around $11,500 dollars.
Clearly, the most important things to take into account are the activities around cryptocurrencies. Singapore is taking such approach to regulate illegal activities and not the cryptocurrencies themselves.
“We are worried. There are benefits to the bitcoin concept, digital cash, digital currencies. But at the same time, if you look at the way bitcoin works after there is a criminal act that takes place, you can’t rewind the clock and take back that currency,” Mr Joyce said.
Regulations in Cryptocurrencies
2018 will be an important year for regulations in the cryptocurrency sphere. The G-20 summit that will take part in Argentina is expected to have crypto regulations as the main topic. We have written before at CoinStaker that different finance ministers from Europe and the world are planning a heavy agenda for the summit.
Japan, as well as France and Germany openly have proposed to debate about Bitcoin regulations in Buenos Aires. Indeed, the Central Bank of Germany has suggested that worldwide regulations are needed due to the decentralized nature of Bitcoin and cryptocurrencies.
Taro Aso, the Japanese Finance Minister said:
“There is no fixed definition on whether Bitcoin is a currency or not. This issue is a difficult one. It has not yet been proven to be credible enough to become a currency, so I need to watch for a little while more.”
Initial Coin Offerings are also raising concerns due to the fact that there have been several scams that stole investors’ money. The reality is that more regulations would legitimize the market if they do not ban cryptocurrency related activities.
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