Lack Of Regulation Makes Digital Currencies The Ideal Vehicle For Money Laundering Purposes, Whereas Excessive Regulation Will Defeat The Purpose Of Some Digital Currencies’ Market Advantage.
Even if digital currencies are regulated domestically in all applicable jurisdictions to ensure their domestic legitimacy, two critical implementation challenges remain: First, existing laws and regulations may not be equipped to provide a legal basis for the existence of digital currency, or to address risks unique to certain forms of digital currency. The spectres of money laundering and terrorism funding have haunted cryptocurrencies, and in particular bitcoin, since they exploded out of relative obscurity a few years ago.
The Need For The Regulation Of Digital Currencies Has Received Backing From The G7 Financial Officials.
18 may 2018 | australia. While canada has taken the stance of it not Digital currencies as they become more mainstream.
The Study By Cambridge University Classified The Regulatory Approaches Of 23 Sampled Jurisdictions In 3 Categories:
But as the sector matures and regulation catches up, does increased regulatory oversight really have to be the blocker many viewed it as? For many in the early days of digital currency, regulation was the enemy. In addition, eight island economies of the east caribbean currency union have entered an agreement with the east caribbean central bank (eccb) to issue and adopt a new digital currency.
The future of digital currency. The lack of jurisdiction also adds onto the confusion: Published on 19th november 2021.
G7 Discusses Crypto, Digital Currency Regulation.
'the cryptocurrency and regulation of official digital currency bill, 2021' scheduled to be tabled this winter session in the parliament, could not see the light of the day. As with many countries, digital currency exchanges remain a source of tension. Global digital currency regulation should be ‘comprehensive, consistent and coordinated’: