In the world there are many foreign currencies, explosion of the cryptocurrencies disturbed the world. Is there any solution which will help countries and investors who are using cryptocurrencies?
Each country has their own regulations. Cryptocurrencies are relatively new thing in the world, and all countries try to adapt to these changes. Important thing is that many countries do not have even regulations for their monetary politics and system, therefore it is very complicated to make new laws for cryptocurrencies.
Main problem is that banks and governments can not supervise cryptocurrencies and money which is used for this type of trades. In the principle that is very bad, not only for nations and economies, but also for other people which pay taxes regularly. Cryptocurrencies are also used for illegal activities, and governments do not have to control specific persons and their transactions.
Only solution which is common for all countries and people, is that one which exists international organisation such as United Nations, regulate and provide specific international laws for all countries which can be ratified. The area of United Nations is big, therefore they may not be able to provide us with this type of regulations, next solution is founding new international organisation which will be dealing only with cryptocurrency and it will regulate them, provide them, control them, and tax them.
Ethical question of using cryptocurrencies from legal theory aspect is also debatable, because cryptocurrencies as I mentioned, are used for many illegal activities such as buying drugs. Criminals of course love them because cryptocurrencies are part of the largest unregulated market in the world. It is estimated that about $75 billion illegal activities per year involve only in bitcoin.
Having that in mind, we not only need to secure all cryptocurrencies and market, but also to provide security, regulations and supervision for investors which buy cryptocurrencies and use them as tool for investing not for illegal activities.
The future of cryptocurrencies is really strange, it is a must for countries and people to accept new regulations and laws which will be provided by governments. As for many thing there will be decision-making processes which will provide many new legal documents. All countries and citizens will be obliged to follow these rules, till now only developed countries such as United States, Russia, China, Singapore etc. provided some national regulations for cryptocurrency trade and mining. Less developed did not provide, but interesting thing is that there is bigger crime rate in these countries which is connected with use of cryptocurrencies for illegal activities.
There is a big gap and hole, when we talk about cryptocurrencies. We have all resources and knowledge to provide excellent and quality laws which will fulfil cryptocurrencies and its market, when that starts to happen in all countries that will be a sing that all countries and continents will start to grow, expand and develop.
Contact: Strahinja Pešić, e-mail: [email protected]