Political bodies and policymakers are looking for ways in which to address the growing popularity of Bitcoin. Regulating this industry is a big challenge and requires a lot of time. In this regard, the G20 is currently in the process of establishing a cryptocurrency anti-money laundering standard.
The G20 Sees Merit in Bitcoin
Rather than completely ban cryptocurrencies altogether, the G20 is taking a very different approach. Their main concern is combating money laundering activity which may take place through cryptocurrencies. This is not an issue native to just Bitcoin, as many other privacy-oriented altcoins have also proven to be popular amongst money launderers.
Addressing money laundering concerns is not all that easy, especially since cryptocurrencies are a completely different creature when compared to fiat assets. Although Bitcoin is highly transparent, it seems that there needs to be a helping hand to address any further concerns. The G20 wants to “vigilantly” monitor cryptocurrencies, which will help legitimize the industry as a whole.
The Foreseeable Plan of Action
It appears as though the G20 will lean heavily on its Financial Action Task Force to clarify how existing rules can be modified to include cryptocurrencies. Cracking down on illicit behavior is direly needed prior to this industry gaining more mainstream traction.
Not everyone is in favor of regulation at this stage, even though it is evident that all of these developments pave the way for making Bitcoin and altcoins more attractive to the mainstream. Once all of the “criminal” concerns are taken care of, this industry is poised to see some big changes in the coming years.
As is always the case in the world of cryptocurrency regulation, things are subject to change at all times. An active monitoring system for the current crypto ecosystem is more than welcome at this stage. Bringing more legitimacy to Bitcoin will ultimately pave the way for broader adoption of various cryptocurrencies.
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