ICrypto

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    Code is the answer - not more regulation and intermediaries Heavy regulation is on the horizon for the crypto industry. However, is this going to help the innovations that can change everything for finance? Crypto to zero? According to leaders from the banking industry, world financial agencies, and government watchdogs, the crypto industry is one that is just too dangerous for the financial system to tolerate, or for the average Joe to invest in. All the ‘centralised’ crypto exchanges are on the verge of collapse if they haven’t already done so, and the ensuing contagion is likely to cause most cryptocurrencies to go to zero, and for Bitcoin to head well under $10,000. Heavy regulation and intermediaries That will then be that. Or will it? Surely it cannot be argued that the financial system we have in place is fit for service? Inflation is rampant, debt is at the highest level it has ever been in monetary history, and it will probably only take the odd bank or two to go down to bring the rest of the pack of cards down as well - just like the legacy finance leaders are saying about crypto. Gary Gensler is the chairman of the Securities and Exchange Commission (SEC). He says that he wants to insert intermediaries in between every DeFi platform and those who want to transact with them. The MiCA regulation that is about to be passed into law in Europe would inflict onerous requirements upon all crypto platforms that would probably see them leaving European shores in droves. It all seems to be about regulation aimed at squashing the life out of crypto. It could be asked though, has regulation, no matter how heavy and demanding, done a great deal to stop banks carrying out nefarious activities that have done massive harm to the economy and investors alike? Crypto vs CBDCs We are at a junction. The road favoured by governments, banks, and the major world financial agencies is one where the legacy, fiat-backed monetary system persists, and where within a couple of years or so, central bank digital currencies (CBDCs) are phased in in order to assert total monetary power over citizens. The other road is being prepared by entrepreneurs, builders and thinkers from around the world. On this road the way forward is not about onerous regulation, harsh enforcement, and total control, it is about code. The code is all about doing away with intermediaries in any shape or form. All regulations and requirements can be built in at the beginning so there just isn’t any need for huge government watchdog agencies. Bitcoin is built on code. It doesn’t need entities like the Federal Reserve with its teams of economists to ease or tighten monetary policy, it just does what the code tells it to do, and therefore it provides a system which has the strongest network the world has ever seen, totally secure, and allowing anyone to interact with anyone else in the world without any intermediary saying yay or nay. Governments and banks do not like this. It eats into their power and control because it has no political leanings, no racial prejudices, and isn’t controlled by anyone. When CBDCs come into being and the world’s population finally understands what is at stake, code will be the answer. A trustless system is what the human race needs, and out of the innovation in crypto will come such a system. Bitcoin is already here, we just need that fair and trustless monetary exchange system to go with it. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 807   269 

             06 Dec   
  1. 5. How Tax Protesters Set Off the Bitcoin Revolution

    498   166     road  res  joe       more 07 Dec   
  2. 9. GammaSwap officially launches on the Arbitrum Network

    459   153     orcl.cur  joe       more 12:41 PM    io
  3. 10. FinCEN Cracks Down On DeFi

    387   129     joe       more 8:53 AM   

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