Governments Acknowledging Cryptocurrency: They can’t ignore cryptocurrencies and blockchain anymore

Governments acknowledging cryptocurrency. Up until a few months back, most of the governments just ignored cryptocurrencies. However, after the recent astronomical rise in cryptocurrencies, it is difficult for the governments as well as authorities to ignore cryptocurrencies. Moreover, even if they are able to ignore the cryptocurrencies when you look at the underlying blockchain technology, the applications are immense. That is why governments would not be able to ignore cryptocurrencies as well as blockchain-based technology any longer.

Many of the governments are actually trying to cover up the spread of cryptocurrency. They are doing so by banning the exchanges which are not allowing the people to open the account easily.

Increased regulation:

Governments like South Korea are actually going ahead and shutting down exchanges which are not complying with the privacy of the users as well as not opening accounts with proper documents. This is one of the main reasons why the cryptocurrency has been falling in the recent months. The truth, however, is that, once these regulations are brought into place, the cryptocurrency space would still not be regulated as it is completely decentralized. Even though, most of the exchanges would actually abide by the rules and regulations but that would not make any difference to the cryptocurrency space.

SEC Cryptocurrency Regulations

Similarly, SEC, as well as other organizations in the United States, are also trying to protect the cryptocurrency investors from fake ICO’s as well as other frauds in the cryptocurrencies pace. Thus, on one hand, the regulators are trying to cover up the spread of cryptocurrencies and on another hand, the regulators are trying to protect people from the fraud activities in the cryptocurrencies pace.

This is causing huge volatility in the cryptocurrency market as the investors do not know what would be the next step for the government. However, once there are a few regulations pertaining to cryptocurrencies in various countries which have a large number of cryptocurrencies investors, you can be sure that the cryptocurrencies would stabilize and would increase once again. For now, however, most of the cryptocurrency investors would have to actually deal with the volatility in cryptocurrency which has increased recently due to the intervention of most of the governments as well as authorities in the cryptocurrency space. / Source: businessinsider

Once the cryptocurrency phase actually settles down, you can be sure that more and more investors would actually flock to the cryptocurrency space and invest in it. Many cryptocurrencies would actually breach their older highs as well.

tags: cryptocurrency regulation us, virtual currency regulation, us regulations on virtual currency, bitcoin regulation united states, digital currency regulation, is cryptocurrency legal in usa, us government cryptocurrency, virtual currency law

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.

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