The renewed momentum of cryptocurrencies and the arrival of Pound, the digital uniform of Facebook now close to debut after the publication of his Whitepaper, of course, have reopened the debate on the fate of the sector. A debate that also affects politics, considering how digital assets propose to operate outside the boundaries outlined by the monetary authorities, thus causing considerable concern in particular for those who must defend well-established interests.
The password at the moment is definitely "Regulation", which however is often understood in a different way by the proposers. If from within the digital economy we recognize the need to regulate digital assets to offer more security and stability to users, the policy seems more likely to launch rules capable of caging virtual currencies and bringing them back under the control of central institutions.
The G7 proposes a task force
The latest regulatory proposal, for now, comes from G7, who is planning the launch of a special task force, to whom entrust the task of defining a framework of rules capable of allowing central banks to establish their control over cryptocurrencies, with a dual purpose: protect consumers from possible abuse (in particular in terms of data) and to prevent virtual currencies from becoming one criminal economy tool.
Has been Francois Villeroy de Galhau, current governor of the Bank of France, to affirm that the intent of a similar proposal would be to leave a door open to innovation, while trying to introduce well-defined rules capable of contrasting opaque or openly criminal practices.
Leading the task force will be Benoit Coeure, currently a member of the board of directors of the European Central Bank, who will therefore have the honor and burden of proposing solutions which do not sound like an attempt to control an instrument that many continue to look at with open suspicion.
The opinion of the Reserve Bank of Australia
Among those who do not seem to fear excessively the increasingly visible weight of cryptocurrencies, the opinion expressed by Reserve Bank of Australia (RBA), which has just recently published a report to take stock of the virtual currency sector. The study has virtually ruled out that digital assets can find large-scale employment in the country, at least as long as the local financial system manages to provide quality answers.
Another reason which should act as a barrier to cryptocurrencies should also be the Australian dollar, especially if it were to continue to present itself as a reliable value reserve and to be characterized by a low inflation rate. Qualities that compared to the volatility shown by virtual currencies such as Bitcoin, should push Australian citizens not to venture into a territory that is logically not without risk.
In order to protect itself, however, Australia, just in May of this year published through the Australian Securities and Investment Commission, the body delegated to regulate the stock market, a set of guidelines for cryptocurrencies and Initial Coin Offering (ICO).
