Why Is Everybody Waiting to Legalize Cryptocurrencies?

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Why Is Everybody Waiting to Legalize Cryptocurrency?

ForexMinute.com – Nations today are following the herd tendency to see how legalizing cryptocurrencies turns out for the finance and tech world. As such, what we have on hand is a mass halt in economic advancements around the world. With nobody taking the initiative, somehow, it is being seen as a duty for the US to do it. Amidst the various sentiments governing the fate of Bitcoin or for that purpose the entire cryptocurrency clan, it becomes imperative to see the prospective positives they offer.

Remittances: With many economies such as Argentina relying heavily on it, cryptocurrencies offer an ideal solution to minimize the conventional 5-6% transaction costs, with only the universally accepted Bitcoin (or an alternative) being the entity transferred.

Nations with volatile economy: A savior for the Eurozone when it comes to their dependence on trade with the world, which is often subjected to their unstable economic capability. Why not make the Bitcoin a universally accepted medium to transfer funds. Through this, what we have in our reach is lower currency risk with minimal transaction costs.

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We are witnessing today the initiative of the Latin American nations with some restaurants accepting the Bitcoins with their suppliers. The Bitcoin ATM in Mexico has already been a success. The Brazilian exchange ‘Mercado Bitcoin’ has been an oasis for the dying Bitcoin faith. Chile, conventionally being termed as a stable and risk-avoiding economy has opened its doors for the cryptocurrency convention.

Why all the reticence when so many nations are willing to play small parts in motivating this channel? Why the big boys shying away when it is loud enough to ignore the emergence of this potential and much needed medium? Why not a single nation has been opportunistic enough to tap this potential business into its portfolio?

The answer lies in, WHAT IF OTHERS DON’T? The very same fear of calling the king ‘naked’. Everybody wants to, but is waiting for a ‘tried and tested’ tag before willing to breakout. To be noted here is the remarkable silence of the financial regulators of the world who I feel, have left this cat free for a while now and it is time to tame it.

With only the lack of faith being the reason stopping the baptism of the digital currency system into the world economy, a lot can happen with the word coming in from the bosses that would by default instill the fidelity element missing.

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com

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