Monday, February 19, 2018

The regulation of cryptocurrencies: myth or reality :


Crypto-currencies, considered as an opportunity more or less accessible to all to make their fortune, as a speculative scam or as the pure future of currencies on a global scale, are undeniably part of the actors of current trading. On the one hand, China prohibits cryptographic currencies for fear of the impact it could have on its financial equilibrium, while on the other hand, some US states raise them to the rank of usable currency to pay for its daily purchases. The governor of the Bank of Austria, he considers their impact still too negligible to worry. Whether for good or bad, Bitcoins, Ripple, Ether and Litecoins of this world are undeniably talk about them on trading platforms, such as that of Metadrader 4 and in the financial press.

Originally touted as a speculative investment whose explosive growth over the past 10 years has only increased reputation, these virtual currencies are now being accepted as a means of payment in many parts of the world, prompting several governments to consider more or less strict regulations of the market. If the question is legitimate, the establishment of laws concerning the sale, purchase and "mining" of cryptocurrency may give rise to very real difficulties. So what would be the advantages and disadvantages of a cryptographic currency governed by European law, see international?

Transactions in Bitcoins or others are particularly volatile, and a government framework could be seen as a guarantee of the validity of the system, or even give some realism to cryptographic networks. This could encourage the stabilization of the prices of Bitcoin and its acolytes, which have fluctuated with the winds of panic blowing on investors.

There is also a technical difficulty in enforcing a regulation by a mainly anonymous network. To this day, we still do not know who was hiding behind the pseudonym Satoshi Nakamoto, the anonymous inventor of Bitcoin in 2004, and it seems equally ambitious to regulate the minors who make up the Bitcoin network. As President Mario Draghi has said, the European Central Bank may not have the power to ban or regulate these currencies. It also adds that it does not consider that these currencies represent the future, an assertion however denied by the arrival of fifteen bitcoin automata in the Netherlands and by the progressive circulation of Bitcoin as a means of payment by Google on e-commerce sites.

Currently, speculating on a cryptographic currency is equivalent to investing in the stock market: if the transaction can be lucrative, it is at the risk of the investor. However, if these currencies diversify their use and become a bargaining chip in the same way as our cash, it is likely that we will have to find ways to ensure their legitimacy. This is a vast program combining traditional law and self-regulation, on which governments and banks have barely bent over.
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