“If crypto stays illegal, it will be ghettoized, and that will make it harder for it to spread ultimately,” said George Mason University Economics professor Tyler Cowen at Bloomberg Ideas, an event that features leading experts in various industries.
In some countries and overseas markets such as US, Japan, South Korea, Singapore, Switzerland, and the UK, the usage and trading of cryptocurrencies are legal and have sufficient frameworks installed to regulate and protect investors in the global digital asset exchange market.
For some time now, economists have mischaracterized cryptocurrencies as criminal money, an unregulated asset class, and an inefficient payment system. This can be seen in the recent outburst of widely recognized economist Nouriel Roubini.
Cowen stated that cryptocurrencies are being regulated as an emerging asset class that has to be solidified further to attract more investors into the market and encourages merchants to adopt cryptocurrencies as an alternative payment method to fiat currencies.
“If you go through that fiat currency where they say this is worth what it’s worth because the government says it is, why couldn’t you have a consensus currency?”
Skepticism towards malpractices and poor protocols utilized by some cryptocurrencies in the global market still exists. However, intentionally mischaracterizing the asset class as an “illegal” payment method and currency is highly inappropriate and more importantly, inaccurate.
21 cryptocurrency exchanges have been allowed to operate by the Japanese government. The exchanges formed a consortium that is self-regulated, with a national licensing program in place to oversee businesses in the industry.
The South Korean government officially recognized the cryptocurrency market as a legitimate industry, acknowledging the blockchain as a core technology in the fourth industrial revolution. Gopax, a leading exchange in the local market, is financed and operated by Shinhan, the 2nd largest commercial bank in the nation.
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