The Emergence of Cryptocurrencies in 2022
Crypto assets and a wide range of products and services have grown rapidly over the last few years.
These companies' growth has also been linked to the regulation of financial markets.
Government officials seem to be falling behind the hazards posed by industry, where the vast majority of activities are either uncontrolled or, at best, just inadequately regulated.
Uncoordinated steps implemented by regulatory agencies might further increase the likelihood of potentially unstable capital transfers, a source of concern.
An estimate by the International Monetary Fund puts the value of cryptocurrencies at $2.5 trillion.
In an environment where values are being pushed to their maximum, this might reflect froth or indicate the significant economic value of underlying technical breakthroughs like the blockchain.
Concerns about cryptocurrencies' possible impact on the financial system are receiving much attention from regulatory agencies. Both of these issues are of paramount importance concerning cryptocurrencies and their potential implications for financial stability.
To minimize market manipulation and systemic issues in terms of exchanges, there must be a worldwide uniform regulatory framework that includes definitions and jurisdictional boundaries.
AML, tax policy, tax evasion, securities fraud and scams, cyber security, hacking, and privacy hazards are just a few of the concerns that will have to be addressed to provide a safe lending and payment environment.
Increased awareness, acceptance, and use of cryptocurrencies are making the already challenging position for authorities even more difficult.
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 BULB, 'Write to Earn. Read to Earn' (online, 2022) <https://www.bulbapp.io/>