The entire cryptocurrency market is ignited with negative ideas about the overall industry. Allianz Global Investors have suggested that cryptocurrencies should be made illegal by the European Regulators.
The suggestion was made by the European CEO of Allianz Global Investors during the conference in London while making an address at the head of the Financial Conduct Authority in Britain.
It was stated that “Cryptocurrency should be outlawed.” Andrew Bailey, Andreas Utermann expressed their concern over how “regulators have not put in the required effort in the industry.”
Following this, there is a widespread expectation among anti-crypto figures about whether cryptocurrencies will be outlawed. This is not the first time where someone is requesting that the cryptocurrency is to be banned.
A global forum was hosted by G20 governments recently, and the 20 biggest economies of the world have agreed about the regulation of cryptocurrencies, and they have talked about the ban. The major goal of the regulation was to avoid funding of criminal activities.
They stated that their major goal was to affirm that these crypto-tokens are not used to fund criminal activities.
At the G20 meeting, they stated that cryptocurrencies would be regulated as a measure towards anti-money laundering goals and also to counter fund terrorism activities in compliance with FATF standards. Further consideration was provided to other responses as required.
In cases, where the G20 will take the lead about regulating cryptocurrencies, there will be several other governments following the G20 decision eventually deciding to regulate as opposed to banning the asset types.
In cases, where the government will be building a standard framework for cryptocurrencies and other related businesses, they are likely to benefit from taxation and thus creating a system that can help with the criminal crackdown.
If the government bans cryptocurrencies, the industry will continue to thrive underground, and the cryptocurrency crime rate will come down. However, tracing and monitoring unregulated cryptocurrency transactions will become very difficult.
Blockchain continues to be a technology that is set to drive innovation, and several major giants are continuing to invest in this industry. Custody solutions are already in place to attract institutional investors. NASDAQ, Goldman Sachs, ICE, NYSE, and Fidelity have invested themselves in the industry. There have been several retain and big investors who lost more money due to money laundering that happened due to lack of regulations. Small and large investors are also benefiting from the technology. Considering the mixed situation that has evolved so far, the best that the governments can do in this scenario is to regulate than to ban the crypto.
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