Sooner or later it was going to happen. Different European Union (EU) countries have been commenting and debating on the possibility to regulate Bitcoin and other cryptocurrencies. Several government officials from different countries are searching consensus within their partners across the continent.
The G20 Summit to Host Bitcoin Regulations
The Finance Minister from France, Bruno Le Maire, has pointed that the cryptocurrency could be used to launder money, to finance criminal activities and terrorism. During the last years, terrorism has been growing and spreading. It is one of the main worries of the population and governments. Besides that, he has commented that there is an “obvious speculative risk”, behind cryptocurrencies. That’s why Le Maire has proposed to the G20 members to discuss possible regulations alongside with Germany, the United States, China and the United Kingdom.
The Treasury of the United Kingdom has also disclosed plans to regulate Bitcoin.
The Telegraph has reported:
“The Treasury has disclosed plans to regulate Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.”
Different countries are regulating cryptocurrencies but not directly the coins, but the activities around them. The intention is to reduce as much as possible criminal activities related with the past of the famous cryptocurrency.
The G20 Summit, that gathers the most important countries on earth will pay close attention to cryptocurrency regulations.
While many of these regulations may seem bad for the environment, it gives legitimacy to Bitcoin and other cryptocurrencies. Many individuals believe that these virtual currencies are only used for illegal activities. With the coming regulations, many other investors would be willing to invest in the cryptocurrency sphere.
2018 is going to be the year of the adoption, we will see how more and more individuals and investors will start to use the cryptocurrency and invest on it. But this growing interest will not come alone. It will be regulated by the governments from all over the world. Specially these places were governments have an important role. The European Union will not leave this market unregulated.