Cryptocurrency regulation is one of the key features needed for a global cryptocurrency adoption. Governments, banks and other authorities will not allow a total adoption of cryptocurrency for as long as cryptocurrency remains self-governing and volatile, as a result of uncertainty. For crypto to really have a chance of becoming an alternative financial solution, regulation needs to take hold.
Of course, regulation is a fine line. Some aspects of regulation could crush to industry and make investment impossible. Other regulation may even make investment meaningless. Authorities need to find a perfect balance that helps crypto gain a balance and remain secure, but, still work as an investment and most importantly, as a decentralised entity.
Crypto millionaire Samuel Leach, the CEO of Samuel & Co. Trading, has spoken to BusinessCloud to say why he believes the future for cryptocurrency is within regulation. It’s something he is certainly in favour of.
According to BusinessCloud, Leach has said:
“You only have to look at bitcoin’s volatility in the past 12 months to see why it [regulation] is much needed. A layer of protection and trust would not only benefit investors, but also the ever-increasing number of projects underpinned by blockchain technology. As an industry we need to re-evaluate our attitudes towards regulatory oversight and focus our collective efforts on working with legislators to implement meaningful regulation that benefits us all.”
See more for yourself, here.
How fine is the line?
On one side exists censorship and on the other, exists total freedom. Within freedom, we see elements of cyber crime and a risk of fraud. Within censorship, we see total government control and capitalist agenda. The line is hair-thin.
Regulation though is important for cryptocurrency adoption. In terms of empowerment, this is more important than investment and making huge returns. I see it this way, would you give up some of your investment potential, if it meant that you could use cryptocurrency in the real world, giving you access to faster and more secure transactions, in a cheaper format? Probably so.
It’s a controversial area, many are very adverse to the idea of regulation simply because many want cryptocurrency to remain underground, only for the people who got their first. Overall though, adoption is inevitable, one way or another, it will reach the mainstream. Without regulation, this could be dangerous, so to could it be with the wrong regulation.
The right regulation however, will see crypto into a very positive future indeed.