The demands for regulating the wild world of cryptos are growing with each passing day. As more and more institutions and investors are getting attracted to this world, the need for a secure and regulated fabric of operation is becoming stronger.
BlockPublisher recently got in touch with the Managing Director of Digital Asset Investment Management, Bryan Courchesne, as he shared his views about the world of bitcoin and cryptos. Here’s a short Q&A that shows the opinions presented forward by Bryan.
– Will bitcoin replace fiat or act as a reserve currency in the future?
Bryan: It will not in the foreseeable future because developed countries have payment systems that are more efficient than crypto ones.
– Is it the digital gold?
Bryan: I like to refer to the space as digital assets, an alternative store of value a modern form of gold.
– Should this market be regulated?
Bryan: That’s inevitable, where the public needs to be protected there will be regulations.
– What can governments do to curb out the negative elements linked with bitcoin?
Bryan: Create uniform standards and licenses.
Although the idea that cryptocurrencies present forward in the form of freedom and elimination of the third-parties gets undermined if the governments start to get involved, that seems to be necessary if the crypto world is to gain more mainstream adoption. Illegal activities and scams linked to the world of cryptos have marred its reputation to a much large extent. An air of negativity surrounds the world of cryptos when it comes to the general public. The media also seems not that supportive of cryptocurrencies.
In order to eliminate out the illegal activities and frauds, it seems inevitable that governments will step in. It is not necessarily a bad thing as well because owing to this, investors will be given a more secure fabric of operations. With regulations in place, the trust is also expected to increase. A crypto-linked exchange-traded fund (ETF) has also not been approved by the SEC owing to the fraudulent and manipulative activities linked to this space. Once regulations are in place, a more positive air might get established regarding the ETF making SEC approve a crypto-linked ETF.
In a nutshell, the main idea is the protection of investors and the general public from scams. Although the ideals of decentralization might get disturbed by it, regulations seem to be necessary so that negativities can be curbed out from this space establishing a more secure ecosystem free from scams and fraudulent activities.