Is Growth Of Bitcoin Facing Troubles Due To Lack Of Regulation?
According to the co-director of Imperial College London’s Centre for Cryptocurrency Research and Engineering Cathy Mulligan, new financial technologies are undermined by a dearth of regulation. However, it may not be a good news for the libertarian-minded bitcoiners, Cathy thinks that growth is stifled by the uncertainty over the regulations.
In the United Kingdom, there are many startups that are chasing the regulator for saying, “Through which way, we will go regulated. She gives her opinion by saying that the bitcoin is considered as private money in the UK.
In an interview to CCN, the London Bitcoin industry insiders told that they are anticipating about the further regulations in the upcoming months regarding the bitcoin in the United Kingdom.
She further says that they haven’t watched a big amount of regulation from the perspective of the UK. They don’t have any pressure for implementing know your customer or anti-money laundering just yet. She believes that what happened in Japan is an influx in the startups due to the stability of business environment there.
Issues to worry for Regulators
The regulators are indeed worried regarding the potential anonymity of the BTC. Eitan Jankelewitz who is a lawyer at the law Sheridans that has specialization in e-commerce and blockchain says that they don’t like Bitcoin’s anonymity at Europol that is probably a misunderstanding due to it’s not true anonymity.
She notes that you will be able to trace each transaction and follow it all the way. This way you can watch the penny’s life and see where it is exactly. The issue here is that you don’t be aware of the controller of those wallets.
According to Dr. Mulligan, there are some nations who are taking it as a commodity in the same way like we are while some are treating it as unknown while there are some other places that treat it like money that changes the way of paying taxes.