The need to access reliable financial services, protect consumers, and permit businesses in a way to safely hold digital assets is becoming the need of the hour. Whether bitcoin or any other Altcoin, holding cryptocurrencies is gaining traction.
Federal Reserve FOMC participants recently stated, “”We are just making things up as we go and will see what happens when we try to set the price of money to as close to free as possible for a few years to enrich our politically connected buddies.”
Governor Mark Gordon recently expressed, Today Wyoming became the first state to approve a banking charter for digital assets. This will allow those using digital assets, like cryptocurrency, to access reliable financial services, protect consumers, and allow businesses a way to safely hold digital assets.
This is indeed a good news because regulated digital asset banking is the need of the hour and it is going to be a huge positive step forward in the space.
Very recently, it was reported on how Bank regulators in 49 U.S. states, Washington, D.C. and Puerto Rico are making plans to make compliance for cryptocurrency companies simple by consolidating the supervisory norms.
Streamlining compliance is only going to making things easy for licensed money transmitters to execute transactions across states effectively.
Fintech is all set to improve in the process of automating and delivering the use of financial services. Improved management of financial operations by using advanced technology and algorithms in different sectors like education, retail banking, nonprofit, fundraising, and investment management by making use of Bitcoin might soon hit the headlines. Most of the value is locked in the traditional financial industry, the value transiting to the cryptocurrency space will happen only with time and the pandemic has triggered the interest of several investors to look in to what about Bitcoin and the world of cryptocurrency?
Sydney Ifergan, the crypto expert tweeted: “Bitcoin (BTC) and the cryptocurrency space has gathered lot of attention during the pandemic. The need for a different kind of value storage system is brewing.”
Bitcoin (BTC) Strict Regulations by 2024
Also, it is noted that the European Union are planning to come up with comprehensive cryptocurrency regulation by 2024. Several European finance ministers have called for “Very Strong and Very Clear Rules” about the cryptocurrency.
Reuters recently reported that by 2024, the EU will be putting in place a comprehensive framework which will enable taking to the Distributed Ledger Technology and the crypto-assets in the financial sector.
A one-stop-shop licensing is the most awaited. When this happens, there is a strong potential for digital finance.
Evidently, regulators from across the world are becoming alert about the need to alert on crypto and Bitcoin.
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