In the first stages, the interest was mostly superficial. Still, as major cryptocurrencies started growing explosively to make a market estimated in many billions of dollars, it became apparent that they were a force to be reckoned with. The booming crypto-economy posed a significant competition to standard financial institutions and will not avoid their attention. Additionally, as numerous hacks and fraud scandals happened, it had been only a matter of your time before governments started imposing stricter regulations to ensure investors' security. Generally, opinions have divided over the way cryptocurrencies, derivatives, and ICO's should be treated. We are now watching the formation of a consolidated approach to those new phenomena.
So what's the present state of affairs on the international market of cryptocurrencies? What countries have acknowledged them as a legit sort of currency, what governments are sitting on the fence, and where have Bitcoin and altcoins lost to the fear of the unknown? Let's attempt to determine.
Latest updates on cryptocurrency regulations
Various senior officials warned against an aggressive stance on cryptocurrency regulations. Overall, the national banks and ministers of finance leaders agreed that measures need to be taken to attenuate the utilization of cryptocurrencies for concealment, scam ICO's, and other illegal activities. Still, no crackdown is planned for the crypto market intrinsically.
The world remains skeptical about cryptocurrencies' status, and there's still no global regulator for all things crypto. However, most economies have taken an opportunity to regroup and steel themselves against letting cryptocurrencies take their place under the sun legally - that's, posing no risk to traders, corporate and personal investors. As we move through the year, we'll be seeing a gentle movement towards legitimizing Bitcoin and altcoins, adopting new regulations, and changing the public's divided opinion towards a wider acceptance of the new economic reality.