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Investing in any cryptocurrency requires on ramping fiat. Stricter regulatory norms make it essential to provide KYC to comply with AMC laws when onboarding money into cryptocurrency exchanges.
Cryptocurrency exchanges are legal in the United States and fall under the regulatory scope of the Bank Secrecy Act (BSA). CFTC, SEC, IRS, making it difficult to create overarching regulatory guidelines. Reportedly, The SEC’s new 2021 agenda did not have a mention of Bitcoin or cryptocurrency at all. The SEC has released its 2021 regulatory agenda and has left Bitcoin and cryptocurrency out.
The regulation challenge with BTC and other kinds of cryptocurrencies is related as to who should be regulating Bitcoin. Regulation is a major thing that influences the price of Bitcoin.
Documenting Bitcoin has published that Nigeria is now 2nd in the world for Bitcoin trading. The dollar volume of Bitcoin received by users in Nigeria in May was $2.4 billion, up from $684 million last December, according to Chainalysis.
This looks like a good reminder that Bitcoin and DeFi will build out the metaverse and new financial system with or without the USA and EU. BTC was always going to be adopted first by countries that had nothing to lose by doing so. America & Europe (for the most part) will be last. It looks like Nigeria is taking it.
Alex Gladstein expressed: “We have 4.2 billion people living under authoritarianism and 1.2 billion people living under double-or triple-digit inflation. When we talk about the fact that money is broken, this isn’t theoretical, and it isn’t just about one country.”
Nigerian enthusiasts are like: Give Nigerians the lever of bitcoin and Altcoins; they will defeat poverty.
My essay “Can Bitcoin be Palestine’s Currency of Freedom?” is now live. I spoke to Palestinians to learn how they are using Bitcoin as a peaceful protest to overcome staggering financial barriers. This essay is very long but clarifies how BTC is helping so many people right now.
Imagine you live in a country where there is a civil war, or there’s a civil war change, and you’re trying to flee the country. What would you rather own? As opposed to gold, fiat, or real estate, the premier choice would be Bitcoin.
There will be those who say that Bitcoin is a collector’s item, much like pieces of toast showing Jesus just produced in an industrial fashion. However, for those who understand the fundamentals, it is definitely money.
