The continued growth and increasing mainstream adoption of cryptocurrencies are making it difficult for international monetary authorities.
In fresh Annotation This week, Riksbank Governor Stefan Ingves said that the growing popularity of digital assets has increased the stakes for regulators, central bankers and legislators around the world:
“When things get big enough, things like consumer benefits and money laundering come into play. Therefore, there are good reasons to believe [regulation] Will happen. “
Designing a regulatory framework for assets that were originally designed to circumvent traditional financial structures and rules is no easy task. In the United States, Randal Quarles, Vice Chairman of the Federal Reserve (Fed), raised the following concerns: Current regulations on encryption are inadequate, Indicating that the Fed is studying how to best solve the problem. Quarles’s remarks were made during a week of violent volatility in the cryptocurrency market, among which Bitcoin (Bitcoin) The steep asset valued at $15,000 plummeted in one breath.
At the same time, the European Union pledged to “establish a comprehensive framework by 2024 to enable the financial sector to adopt distributed ledger technology (DLT) and encrypted assets”-the same Deal with the risks involved These technologies have become mainstream.
In Sweden, the Minister of Financial Markets Åsa Lindhagen (Åsa Lindhagen) stated that the government has begun to strengthen the regulatory standards of cryptocurrency exchanges. She said that various encryption management methods are still “work in progress internationally.”
Ingves himself has pointed out that cryptocurrency regulations “may appear at different times in different regions.” However, when talking about the “very important issue” of money laundering, Lindhagen pointed out that cross-border coordination among global regulators is needed.
As regulators consider how to deal with the phenomenon of decentralized crypto assets, the Central Bank of Sweden is making progress at the same time Development of central bank digital currency, E-krona.its Proof of concept using Corda, This is the distributed ledger technology solution provided by R3. Inglis has previously stated that the currency may be put into use within five years.