Bitcoin still has a long journey to be widely accepted. This is not because it is hated or not suitable to be used in making transactions, but it’s majorly because of its volatile nature and many factors that need to be worked on. Bitcoin is very volatile to be widely putative as a stable currency.
There is an opinion that European Union (EU) countries offer more favourable conditions for running cryptocurrency businesses. That is why companies tend to choose the European market over the United States.
The Central bank of Lebanon (BoL) is planning to release its state-backed digital currency known as digital pound. The bank is now the latest financial regulator to embrace the roll out of a central bank digital currency CBDC. The official launch is planned for 2021.
The anonymity of cryptocurrency transactions has been a pain in the neck of most financial regulators. Countries are strengthening their regulation to track those wishing to use digital currencies for illegal purposes. However, the community players are constantly seeking ways to preserve their privacy.
The Swiss parliament has passed new amendments to the country’s blockchain and cryptocurrency regulations. The new framework is aimed at boosting the Swiss community and confirming the country’s status of Crypto Nation.
The International Association for Trusted Blockchain Applications (INATBA) is concerned about the latest Markets in Crypto-assets (MiCA) regulations imposed by the European Commission. The new framework might overburden the industry and therefore slow down its growth.
The Ministry of Finance of Russia has recently represented an update for the regulation of cryptocurrencies. Their new proposal includes an obligation for all Russian cryptocurrency holders to declare transactions on cryptocurrency and reporting on holding cryptocurrency wallets.