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Cryptocurrency regulations often ride the wave of panic attacks among decentralized economics fans. While few regulators strongly value the use of cryptocurrencies, many others are suspicious and therefore start the ban.
Governments must regulate not to prohibit cryptocurrencies
Doctoral researcher Jai Singh, a finance lecturer with the famous ICMA (International Capital Market Association Center), advises the government to be more optimistic.
Regulators should look at effective ways to encourage the use of blockchain-based currencies, rather than imposing a ban and putting it underground. He kept suggesting; "This will determine a lot for the next year"
An important aspect is that, amid the fall in encrypted prices, the enthusiasts of the crypt have gone from 18 million to 35 million in the last year. The government should realize that these 35 million users are in the context of a "recession in the market". And as such, what could be the volume of users when the market actually grows!
Yesterday, the coingape has reported a coverage that has declared FSB (Financial Stability Board), an international body that monitors and revises the global financial system has recently appreciated the cryptocurrency and said that virtual currencies do not pose a threat.
The note was added by the Reserve Bank of India (RBI), an Indian central bank in a report published in connection with cryptocurrency regulation in the last week. The FSB comment reads as follows;
"The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets, and its initial assessment is that crypto-assets do not currently pose a risk to global financial stability"
Advocates of cryptocurrency require sensible clarity and regulation
In addition to Singh, at the end of December 2018, the CEO of Binance also spoke of sensitive encrypted rules that can accelerate innovation. However, he added that few countries are still uncertain about the cryptocurrency industry.
CEO of Binance @cz_binance He says that my assets are very low, but I am still very confident in the crypto industry#Binance https://t.co/hXXCsUubOl
– CoinGape (@CoinGapeMedia) December 19, 2018
Unlike encrypted countries, Bitcoin and other encrypted ones are currently banned in many countries including Russia, Vietnam, China, Taiwan, Bolivia, Kyrgyzstan, Ecuador and others. Indicating countries like Malta and Singapore where cryptocurrencies are neither banned nor completely open, Singh urged regulators to follow in their footsteps and support the decentralized economy mechanism.
With institutional products, 2019 will be a better year
2019 is likely to bring many other market-leading projects such as ICE, Nasdaq, Goldman Sachs, loyalty, and these projects are likely to "strengthen the market". As Jalak Jopanpura said yesterday in an interview with CNBC, the exchange of digital goods such as Bakkt supported by the NYSE will probably make 2018 a more useful year for cryptocurrencies.
Happy 10th birthday #bitcoin #BTC, you are a survivor https://t.co/ICIYVRkznA
– jalak jobanputra (@jalak) January 3, 2019
Observing the security of the fund and custody solutions, the future markets and the clarity of the SEC on the encryption to be announced, Singh concluded:
"As transaction monitoring, surveillance and KYC systems become more sophisticated, it will be hard to argue that cryptocurrencies are somehow more exposed to criminal activity and fiat money laundering,"
Indian Will Govt. paying attention to the requests made by the Italians is a result that we wait impatiently, but banning a technology because it is not completely understood does not make sense, rather regulation could be the way to look ahead.
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The governments of Jai Singh urged by the ICMA to regulate cryptocurrency and not to ban
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Jai Singh, a finance lecturer with the famous ICMA (International Capital Market Association), advises the government to be more optimistic.
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tabassum
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Coingape
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