Andrew Bailey, the Governor of Bank of England, remarked that Bitcoins days are numbered; however, he agreed that cryptocurrencies are here to stay.
What really drives the regulators?
- Oversight on transactions in the market from Taxation point of view, preventing fraud and reducing crime syndicate access to capital
- Ability to track, enforce a tax on individuals/ entities that
- Ability to control & adjust policies that have a direct impact on the financial economy of the control
& What really drives the bankers
- Make money! Make Money! Make money!
Who else is in this league? :)
Can current cryptocurrency be adapted to meet the oversight obligation from Governments? Technically & commercially, humans are smart to ensure existing currency can continue to live in one or the other form whilst simultaneously meet the regulatory obligations. However, this is simply the willingness that can deter such progress.
Bankers meanwhile are learning the tech, lobbying with governments to ensure they can survive the next disruption that is to come in banking & payment companies. If bankers do step in to collaborate with governments to provide solutions / new cryptocurrencies that meet the regulatory objectives, they can attract the existing market to move from the current breed of Cryptocurrencies.
So who gets to go first? Cold storage, Wallets hosts, ETH20 contracts or even Bitcoin? If exchanges and Wallet hosts align to regulators, then ETH20 & bitcoin has a better chance against global bankers. Meanwhile, the interest of corporates on Bitcoin continue to grow.!
