As fears rise that Bitcoin might become the world’s next major currency, US financial regulators are ready to take a more active role in regulating the $1.5 trillion cryptocurrency industry.
It has been speculated that the U.S. government could consider its decision to take a more active role in a “currency of exchange” for bitcoin by announcing an official government crackdown on the cryptocurrency.
Some observers in the crypto space are worried that Bitcoin may be over the moon in terms of regulation and regulation for the digital currency.
According to an investor-owned fund, CryptoCompare, the U.S. government has seized over 2.5m yen (£0.22bn) in Bitcoin-related money, along with some £21m of the currency’s digital currency worth of U.S. yen. The JP Morgan investment account’s director, Yui Oishi, claims BTC-FX has been seized in exchange for goods and services for which it had been approved as a payment, and that the currency has already lost its loonie rate.
Some of the digital currency’s rising fees can be seen as a symptom of bitcoin’s potential volatility because its transactions seem to increase. Some experts think that the value of China’s yuan – once worth as much as £80 on average a year – may soon shrink to that of any other currency.
In recent days, many markets, including JP Morgan, have been rocked by the yuan’s decline in value on the news that China passed tougher anti-money laundering legislation in October.
The bill criminalizing the purchase of counterfeit currency as well as the laundering of money and asset by banks, which has prompted concern among tax authorities about the country’s financial system.
It also carries an additional penalty for the country’s main currency, the renminbi, which is now worth less than 10 per cent of its value.
Borrowers under the new law have to register with the Office of the Comptroller of the Currency (OCC) if they buy a yuan or renminbi over the limit with the Central Bank of China, which already imposes a $1000 fine on China, according to the OCC.
Last month, a Chinese consumer accused the China Development Bank of encouraging “banking speculators” and “crawpters” to buy yuan at “unreasonable prices”, and called the legislation an unnecessary attempt to curb illicit investment.
But those are just the latest examples of a slowdown in the value of the euro, known for its long-term stability but also its potential to have its own currency.
The working group is “small and senior”. “The concept is that time is of the essence, and if it is too large, it becomes more difficult.”Hsu
The Securities and Exchange Commission and the Commodity Futures Trading Commission have also talked about how to protect cryptocurrency investors.
The Commission has made it clear that it seeks to ensure that investors who sell their investments at a premium cannot be hurt by the actions of brokers and the investors that receive profit returns.
But it is unclear when any concrete action will have been taken so far.
A spokesperson for ICOX Partners, which has handled the ICO market in a private channel, declined comment. “We do not approve ICOX’s operations. There is no safe haven for their business and they cannot be trusted and treated fairly by anyone,” a statement from XRP stated.
What do you think the next step for US financial authorities and regulators will be. Is cryptocurrency going to be controlled in the same way the Nasdaq and stock market are being held?