Hi fellow Steemians!
An interesting articles from The Next Web (linked below). It's being reported that cryptocurrency companies are slowly starting to show more interest in working with governments.
Examples include Circle, a Goldman Sachs backed crypto company, is seeking federal banking license to increase the service it provides. Coinbase has also announced plans to launch licensed cryptocurrency securities trading. Both are two of the largest crypto-businesses in the US.
I've always said that while people need freedom to use their cryptocurrency as they desire, there has to be some sort of regulation in place to reduce illegal activities, such as funding of terrorism, money laundering, fraud, etc.
More of these crypto companies are beginning to realise this too.
This is where it gets very important though. If the cryptocurrency companies are expressing their desire to work with governments, then governments in return need to provide reasonable regulations that protects these companies, as well as consumers who use the services of these companies. It works both ways and the effectiveness of the regulations that governments put in place in the next year or so will determine the future of cryptocurrency - whether it lives to become mainstream, or dies off to be used only by minorities and for criminal activities.
Let's be honest. If the government (any government) wanted to kill off crypto, they could have. Right now it's very insecure and volatile and the government could provide countless number of reasons to shut it down. However, I think they also realise that there is opportunity for them in it too. Let's hope they know exactly what that opportunity is and that they provide effective regulations that can benefit all parties involved.
Source: The Next Web
Image source: Bitcoin News
