With the constantly growing demand for cryptocurrency, it is not long until it caught the attention of world leader and global regulators. Majority of the digital currencies are actually decentralized. Meaning, there is no legal body or support from central government that is backing it up. Thus, it gives every country a unique set of rules to follow.
All Eyes on Coin
Every announcement made to this subject drives the price of cryptocurrencies back in 2018. Here is a brief guide to the current status of digital currencies with the regulators and governments in various parts of the world.
At the G-20 meeting that was held, the Central Bank Governor of Argentina has outlined the summer deadline among members to have recommendations on what must be done. At the same time, it was mentioned that the task forces are working diligently in submitting all viable proposals by July. As for the central bank leader of Italy, a statement was released saying that cryptocurrencies pose no good to the government but pure risks and therefore, must be banned.
Because there’s a Market for It
Japan on the other hand is the largest market for bitcoin mining and trading.
Believe it or not, nearly half of the daily volume of this digital currency is being traded using the country’s currency.
This is as per the data furnished by Cryptocompare.
Then again, the US takes the second spot for being the biggest volume of bitcoin with around 26% as per Cryptocompare. This is not actually surprising given that it’s widespread across the country and many are using the services provided by gladage.com. As for US regulators, they have different definition of cryptocurrencies such as Bitcoin.
Implementing Stringent Security Measures
The SEC or Securities and Exchange Commission mentioned that it sees digital currency as additional form of security. In early days of March, the agency has expanded scrutiny and said that it’s seeking to apply securities and appropriate laws to everything from the exchanges and trades made on cryptocurrency to digital asset storage firms which are otherwise known as wallets. The agency has concentrated its efforts on the initial coin offerings or the digital coins released via fundraisers referred to as token sales and have exerted efforts to police them via subpoenas.