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Topic: Crypto rules are needed to avoid systemic risks

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Crypto rules are needed to avoid systemic risks
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In my view, in the history of mankind, cryptos are the fastest asset creators, creating $2-$3 trillion in the 10 years since Bitcoin was launched in 2009. Today, it is one of the most talked about asset classes — or should I say a puzzle. To utilise this asset and to enjoy its benefits as a part of the economic mainstream, regulators and policymakers worldwide are racking their brains on how to set boundaries around it.

 

Typical crypto could include cryptocurrencies, virtual assets and digital currencies, among others. However, for the purpose of this discussion, I am focussed on crypto coins, tokens and their derivatives that are cryptographically secured. Crypto coins work through a distributed ledger technology, which keeps a secured record of individual coin ownership. The ownership can be transferred from one person to another electronically.

 

Given the digital nativity of these currencies, lack of transparency about trades and traders, and the global ubiquity of the crypto platforms, an unregulated crypto could be a big systemic challenge. A person could purchase crypto coins in a foreign currency abroad and sell it to someone in India, earning large sums of money by avoiding taxation and bypassing know-your-customer (KYC), anti-money laundering (AML) or foreign exchange regulations. Effectively, unregulated cryptos could mean unfett ..



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Thanks for the interesting topic. This has become relevant to me for a long time. Now I use trading as the only option for making a profit for my family. It helped me that I understood how to properly automate all processes. If you are not using trading bots yet, then you should read about ripple and novatti. This brings many new possibilities.



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