Today, the cryptocurrency market has grown tremendously and is worth billions of dollars. If this situation benefits the players in the sector, for others, this is not necessarily the case, especially since there is not yet any precise regulation established by the authorities. It is for this reason that the head of the Office of the Comptroller of the Currency (OCC) urges countries to use common sense by opening the way for discussions to put in place precise rules for the market.
The need to find common ground
During the British American Business Transatlantic Finance Forum on the topic of regulation in the cryptocurrency sector, Michael Hsu, the acting head of the OCC, said that he considers the stablecoins like a existing bridge between fiat money and cryptocurrencies. For him, the stablecoins have multiple advantages and should be used.
However, he pointed out that these digital financial assets are being misused by some people. For example, people use it for online scams, money laundering and to maintain criminal networks without anyone knowing. In order to deal with this situation, it is essential to take practical measures, such as regulations.
During his presentation, Mr. Hsu launched a call for collaboration and coordination between businesses, legislators and cryptocurrency platforms. He believes that the day an agreement is formally established, it will be easier to create a series of standards that will suit everyone, whether they are the authorities or the players in the digital financial asset market as well as the banks.
People are ready to use cryptocurrencies
Cryptocurrencies have become essential in the financial landscape of several countries. Moreover, the number of holders of digital financial assets is constantly growing. Mr. Hsu explained that according to his statistics, nearly 16% of the American population uses cryptocurrencies and that this is in no way an obstacle to the emancipation of people.
Also according to its statistics, the global capital of digital financial assets has increased from 100 billion dollars to more than 2,000 billion dollars. “This mainstream cryptocurrency has occurred despite regulatory and legal uncertainty and a series of scams, hacks and other disruptive events,” Hsu said. Therefore, according to him, people are ready to use e-money to transact.
On the other hand, if nothing is done to create legal foundations and a regulatory framework for cryptocurrency, hackers, scammers and cybercriminals will continue to intervene, underlined Mr. Hsu.
It is possible that the cryptocurrency market will continue to be taken over by bad actors, according to Michael Hsu, the head of the Office of the Comptroller of the Currency (OCC). According to him, the only way to avoid this situation consists in resorting to precise rules and therefore to well-defined regulations. He urged authorities in several countries, including the United States, to think about it.
Source: Data Breach
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