Quote from: Fortify on October 08, 2021, 07:10:29 PM

Quote from: nidhisharma77 on October 08, 2021, 07:02:44 PM

Unlike Bitcoin, the Bank Of England’s statement that cryptocurrencies don’t pose a threat to financial stability did not age well at all. Back in July, CNBC reported that the Deputy Governor of the Bank Of England, Jon Cunliffe said,

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The speculative boom in crypto is very noticeable but I don’t think it’s crossed the boundary into financial stability risk.

Cunliffe stated that for the time being, crypto trading is primarily reserved for retail investors, underlining the central bank’s position that anybody trading in crypto assets should be willing to lose all of their money.

However, as the crypto market changed dynamically and at a mind-blowing pace, the new Deputy Governor Sam Woods said if necessary, the United Kingdom will implement crypto capital restrictions ahead of schedule.

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Our overriding approach is that we both are and seen to be a robust implementor of international standards

Rest at Source: https://news.todayq.com/news/bank-of-england-scared-makes-a-play-for-new-bitcoin-regulations/

You seem to confuse regulation with being scared. Lack of regulation is what helps the mega rich billionaires pay less tax than their secretaries because their accountants have outplayed the lawmakers and been many steps ahead of the curve. Well formed laws to regulate markets, companies and people should be a good sign - otherwise you end up in a wild west situation where the smallest get crushed and bullied for the benefit of the few. People should not be afraid of regulation, however much it seems to frighten you, because it is the only thing that can be used to level everyone up if politicians and officials use it wisely. Regulation is the enemy of lobbyists (legalized bribery) who would happily feed you raw sewage in a bun if it meant their masters - the large corporations - could sign off their yearly bonus.

I almost have the same stand on regulations. Regulations can create more boom to cryptocurrency as long as the framework is not intended to stifle innovations but to encourage them coming from legit players in the market. I am actually tired of so many scams and failures of many projects under the shadow of cryptocurrency...it is about time that we have to fully protect the small investors who are usually bearing the burden from scammers. There should be an open dialogue between the industry leaders and the government on this matter. The government should not just imposed things based on their myopic views and should open the discussions to the public.