According to the leading academics, regulators must find out efficient ways to boost the use of blockchain and currencies, instead of enforcing a ban. However, posing a ban on crypto drives them really underground.
Jai Singh is a sessional lecturer in the field of Finance at the ICMA Centre, basically a part of the Henley Business School. There are a majority of people holding a stake in the crypto market. However, they want to seek within the US watching out how the SEC authorities regulate the industrial market. He says,
That will determine a lot for the coming year. Users have climbed from 18 million to 35 million over the last year, and that’s in the context of a downturn into the market with a lower volume being traded. Ethereum is perhaps a bit different, as it is more of a platform than Bitcoin, which is starting to look a little outdated.
As per Jai Singh, this situation calls for the outright outlawing regarding cryptocurrency must resist in favor of realistic regulation. At present, for instance, say Bitcoin is prohibited in Bolivia, Russia, Colombia, China, Thailand, Vietnam, Ecuador, Taiwan, Kyrgyzstan, and Bangladesh.
We have seen that crypto exchanges are day by day getting stronger with respect to AML and KYC rules. On the other side, some still say that users using digital money should be open or should face a ban.
However, governments even don’t wish cryptos to disappear at all in a peer to peer market. So, it seems that regulators need to follow the real leaders including Malta and Singapore. Doing so by incentivizing the usage of the blockchain.
He also outlines that NASDAQ, ICE, Fidelity, NYSE along with Goldman Sachs are putting their efforts to strengthen the overall infrastructure. These four institutions are supporting cryptocurrencies, collaboratively operating custodial solutions, exchanges, and futures markets. They intend to serve investors a good environment in the traditional financial market.
Jai Singh believes as transaction tracking technologies, KYC systems and surveillance is more sophisticating. It will be a challenge to claim cryptocurrencies seems to be more exposed to criminal illegal activities and money laundering than fiat money. Observing in 2018, two banks, Deutsche Bank and Danske suffer two money laundering scandals. This incident surpasses the entire cryptocurrencies market cap.
What do you think about the views of Jai Singh, should we regulate or ban crypto? Share your thoughts in our comments section.