Cryptocurrencies are slated to be a big deal in the future of how America runs its day to day transactions. This may, of course, prove elusive. However, Bank of America Chief Technology Officer Cathy Bessant finds it a bit difficult to believe that cryptocurrencies may enter the mainstream without too much trouble.What bothers Bessant?
Bessant estimates that the lack of ‘transparency’ is the main issue with investing too readily into cryptocurrencies. The lack of a regulatory network is certainly disconcerting for a number of reasons. Let us start simple. The inability to trace digital assets is the first and most important red flag that industry players are [...]
Cryptocurrencies have been in the eye of the storm for a while now. To say the truth, they have been in the eye of multiple storms, to be quite exact. While China has been pushing with steady plans to add a digital FIAT currency and advance the country’s digitalisation bid.
In the midst of this development, it is worth asking if elsewhere in the world, central banking bodies will see cryptocurrencies and any digital currency for that matter as a viable source of investment and a possible exchange medium.
According to the St. Louis Federal Reserve in the United States, cryptocurrencies are not quite so reliable after all. The Reserve published an essay which lambasted [...]
We have talked about the United Kingdom’s efforts to rein in the unbridled progress of cryptocurrencies, focusing on eliminating illegal practices. First, it was the Bank of England that spoke, while not against the whole crypto industry, at least against the part of it that supported illicit activities.
Governor Mark Carney was quite resolute in his opinion that cryptocurrencies should be regulated so much that they will not allow individuals to create liabilities for investors who have been mislead by promises for significant riches.
Now, this is about to change even furthe with the UK stepping up its game. Instead of taking the hawkish approach, the United Kingdom [...]
So far it has been chiefly regulators that have been uncertain about the future of the crypto industry. However, a cryptocurrencies itself has decided it is time to step up and assume responsibility for the future of the whole industry.
The San Francisco-based Ripple has appealed to regulators across the United Kingdom to work on a legal status for the cryptocurrency. With this in mind, this is the strongest appeal that comes from a cryptocurrency to regulate the market and make it possible for these assets to co-exist, or even overtake FIAT money.
Now, the surprising, and then again not entirely strange thing, about this demand is that cryptocurrencies are by nature [...]