White House official-cryptocurrency regulation not to come out anytime soon. Most of the investors are expecting strict rules and regulations on cryptocurrencies. A large part of the cryptocurrency community is expecting white house is to bring about new rules and regulations. However, recently white house official confirmed that cryptocurrency regulations will not be unveiled anytime soon.
Rob Royce, who is the White House cybersecurity coordinator, exclaimed that they are still currently studying the cryptocurrency. They are not close to formulating proper guidelines for the cryptocurrency. We stated that it will take a long period of time to formulate proper cryptocurrencies. He also they added that one of the aspects of the cryptocurrencies which will be difficult to regulate is the finalization of the transaction. The transactions which are initiated in Bitcoins, as well as other cryptocurrencies, are not reversible.
He added that once Bitcoin or any other cryptocurrencies are used for criminal activity, there is no going back. This is one of the largest worries which they face. According to a US Treasury official, it is important for the entire international community to come together to formulate such guidelines.
Treasury official opinion:
According to the Treasury official, efforts are already underway to cover the criminal activities which are being aided by the cryptocurrencies. Also, terrorist financing, as well as terrorist activities, will also be kept under control. He, however, added that currently, the pseudo-anonymous nature of most of the cryptocurrencies has actually benefited the illicit activities.
It is high time that the international authorities, as well as governments, come together in order to create such guidelines. Only when transparency is introduced in the cryptocurrency as well as Bitcoin world, you can be sure that it will be able to go mainstream. This will also help the current investors as the credibility will be increased. This will also help governments as well as authorities to stop any illegal activity using cryptocurrencies. This will be a win-win situation for each and every stakeholder. Moreover, with transparent regulations, people will be able to invest in cryptocurrencies more easily. This will increase the momentum in the cryptocurrency market. This will bring and newer investors as well.
With that being said, according to the official, the proper regulatory framework is very far away. Till then, investors will have to suffer from the risk of handling immense volatility when it comes to cryptocurrencies. While this might come as a wave of relief for some investors, for some others it will be a disappointment.