Cryptocurrency Depend on Banks to Be a Part of the Pay in and Pay out IndustryMarch 22, 2019
Legal and regulatory repercussions are on the rise due to increasing numbers of cryptocurrencies flooding the market.
Some of the most valued cryptocurrencies include “Bitcoin, Ether, Litecoin, Ripple, Peercoin, Dogecoin, Dash, NEM, and Namecoin.” They contribute to nearly 85% in the global cryptocurrency capital.
“Substantially large untapped potential base in the payment industry is expected to present strong growth prospects over the forecast period.”
Cryptocurrency engineers and blockchain technologists from across the world are working towards coming up with accessible financial systems that are based on the internet. TCAT tokens are one of them, and there are many more of them making it to the market.
Investors have to look at value with a radically new way of thinking. There are no mints, stamped coins or printed bills. Neither is there a government affiliation when it comes to cryptocurrencies.
The major dispute in the cryptocurrency world is related to preventing money laundering. AML and KYC are put to dispute all the time. All these are related to preventing terrorist financing; early adopters are looking at complete anonymity, and therefore they do not like AML or KYC; However; observers, are wondering and are surprised at the resistance towards the AML or KYC in the cryptocurrency world.
There are several arguments hosted against KYC and AML stating it will spoil the whole idea of decentralization; however, in reality, this will lead to a great decentralization adding to the faith that investors will have on the network.
While institutional interest will contribute a great deal to the growth of the cryptocurrency sector, several of them are not willing to risk their stakes in areas that are legally considered to be a gray area.
Most of the international monetary framework is based on Protocols that are old by 4 decades. The cryptocurrency started as an obscure asset type, and it has now evolved to be a multi-billion dollar industry. The industry is now under the scanners of the regulators and the legislators.
The first decade of the cryptocurrency has moved faster than expected. “Drawbacks in the scalability and its legalization hindering the market growth.”
With increased scrutiny, we are not sure of what the cryptocurrency world provide in a decade from now. It might probably evolve to the most reliable form of digital money.
For now, the cryptocurrency exchanges depend on the banks to be a part of the pay in and pay out process in the industry.
Rahm Emanuel, a Chicago Mayor, stated, “an alternative way of currency dealing with the debt markets is going to happen.”