I was perusing the news and I found a very interesting article in the Investment Executive, check out the link below: (https://www.investmentexecutive.com/news/from-the-regulators/regulators-urged-to-address-risk-posed-by-cryptocurrencies/?utm_source=newsletter&utm_medium=nl&utm_content=investmentexecutive&utm_campaign=INT-EN-All-afternoon&oft_id=13002769&oft_k=H2ZPrs3V&oft_lk=9WXcqO&oft_d=636535933044800000).
I found it quite interesting because I believe it sets the tone for the future of cryptocurrencies; and for those who use crypto because they don’t want Governments watching over them, want more freedom in the movement of their currency I think you will see that you’re in for a rude awakening.
Let us take a look at what has been recently discussed. Recently the General Manger of the BIS ( Bank of International Settlements) which is basically the bank for banks said “The meteoric rise of cryptocurrencies should not make us forget the important role central banks play as stewards of public trust. Private digital tokens masquerading as currencies must not subvert this trust.” You don’t need to read between the lines here, Central banks will be taking over people. They will be crytpos regulators.
Get ready, it’s coming.
He goes onto to say that currencies should be back by institutions and “While new technologies have the potential to make payment systems much more efficient, new currencies are not required for that promise to be realized.” This last statement is also quite telling, not only are the powers that be discussing regulation, but perhaps the actual demise of cryptocurrencies.
I do not know if they can actually cripple cryptocurrencies, but they can definitely slow down ICOs, and bog down anyone with regulations that must be adhered too.
My question to everyone out there who is reading this article is, who will ultimately make the decision as to which crypto’s are “legitimate” and fit all of the regulatory requirements?
For those who heavily invest in this alternative currency, how do you think it will affect your investment? Will you continue to invest in it going forward?
Please UPVOTE if you found this post useful and informative.