It’s certainly been a rocky month for cryptocurrencies, but Bitcoin in particular. After topping out at circa $20,000 a coin in December 2017, in less than a month, the price has nearly halved.
There are, of course, many reasons for this. One of the most substantive, however, has been proposals from various global governments to either ban or introduce strict regulations.
Concerns over criminal use have certainly been a major factor in this decision. In recent months the UK government had indicated that they were looking into regulations directly because of this.
It seems that such proposals might have taken a significant step forward as in a report via Metro, the UK Prime Minister and Home Secretary have called for laws to be introduced to regulate the currency.
It is thought that the proposal has been the direct cause of a 10% dip which has the current value of Bitcoin at circa $10,500.
If governments get involved in cryptocurrencies, it could directly affect transactions within that country. Specifically, those conducted by companies who operate within that country and are subject to its laws.
We have seen in recent years a growth in companies beginning to embrace cryptocurrency and as such any laws might see them rethink those choices.
It’s genuinely hard to say. What future they could have though will obviously depend on what decisions and laws come into place regarding them. Despite the many reasons to advocate them, it is hard to overlook the underlying issue of criminality.
If such laws do come into effect in the UK, it will undoubtedly have a major impact. It might, therefore, suggest that online currencies might want to take the reluctant step to begin regulating themselves. An unpopular move, but one that might ensure their long-term survival.
What do you think? Will governmental law have a big impact on cryptocurrencies? Do they need regulation? – Let us know in the comments!
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