Ever since cryptocurrencies set their foot on the global financial market, they have been eyed by national banks, government commissions, various regulatory bodies and other relevant parties. At the early stages, the interest was mostly superficial, but as major cryptocurrencies started growing explosively to form a market estimated in hundreds of billions of dollars, it became apparent that they were clearly a force to be reckoned with. The booming crypto-economy posed a serious competition to conventional financial institutions and could not avoid their attention. In addition, as numerous hacks and fraud scandals took place, it was only a matter of time before governments started imposing stricter regulations to ensure the safety of investors. In general, opinions have divided over the way crypocurrencies, their derivatives, and ICO's should be treated and we are now looking at the formation of a consolidated approach to these new phenomena.
So what is the current state of affairs on the international market of cryptocurrencies? What countries have acknowledged them as a legit form of currency, what governments are sitting on the fence, and where have Bitcoin and altcoins lost to the fear of the unknown? Let's try to find out.
Latest updates on cryptocurrency regulations First of all, we have to distinguish between the adoption of Bitcoin as a global currency, regulation of the work of centralized exchanges and, finally, imposing limitations on ICO's. Although very interconnected, these subject matters have been receiving varying amounts of attention and have been treated differently.
At the end of March, world economic leaders gathered in Buenos Aires, Argentina, to discuss a number of pressing issues, including the adoption of cryptocurrencies. The result of the talks was the formulation of a generally positive, yet cautious position on cryptocurrencies and the decision to work together to produce actionable recommendations on moving forward by July 2018. Various senior officials warned against an aggressive stance on cryptocurrency regulations, stressing that the combined value of all crypto assets never reached even 1% of the global GDP. Overall, the leaders of national banks and ministers of finance agreed that measures have to be taken to minimize the use of cryptocurrencies for money laundering, scam ICO's and other illegal activities, but no crackdown is planned for the crypto market as such.
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