2018 a New Year and How are Cryptocurrencies Fairing on With Regulatory Bodies
A lot of governments, even with this New Year still don’t have a clue on how to go about the regulation of the Cryptocurrency market. This is very important to the future of the currencies and the entire communities who lately have focused on flaunting their new found wealth, which technically it is still some investors’ money right?. The founder of Ethereum was on tweeter threatening to leave, whatever that means. The founder tweeted
“If all that we accomplish is Lambo memes and immature puns about "sharting", then I WILL leave.Though I still have a lot of hope that the community can steer in the right direction”
Governments have a hard time understanding the importance of the currencies to the general population and they clearly don’t bother with the technicalities. Over the past few week, the value of currencies and the industry has a direct hit effectively after a new government policy is announced. South Korea, for example, has informed its regulatory bodies that it is yet to form a decision on whether to ban all the trading of virtual currencies. This might also be the reason for mounting criticism from investors and online communities over regulations on the technology. There is a 3 million and counting Koreans who consider cryptocurrencies as part of their assets. Now we understand why it is going to take time for any government to take time and not rush on such a situation. The government has taken a stance to keep on some current financial regulations and on keeping a close eye on the market to watch for any kind of manipulation or financial fraud.
Of all the African countries Nigerian central bank has given the most positive answer yet. As a matter of fact, it compared cryptocurrencies with the internet “. The Central Bank of Nigeria confirmed that the “central bank cannot control or regulate bitcoin. The central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate the internet. We don’t own it.” Other African countries decide to give a warning to their citizens about being careful with new technologies and take time to understand it. This was the tone taken by countries like Swaziland and South Africa. The rest of the countries in the world from China to Canada don’t seem to want to deal with cryptocurrencies especially when regulatory bottlenecks start popping up every now and then.
