{"id":263722,"date":"2021-06-01T12:27:45","date_gmt":"2021-06-01T09:27:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoins-rising-popularity-will-lead-to-more-regulation-says-riksbank\/"},"modified":"2021-06-01T12:27:45","modified_gmt":"2021-06-01T09:27:45","slug":"bitcoins-rising-popularity-will-lead-to-more-regulation-says-riksbank","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoins-rising-popularity-will-lead-to-more-regulation-says-riksbank\/","title":{"rendered":"# Bitcoin’s rising popularity will lead to more regulation, says Riksbank"},"content":{"rendered":"

“# Bitcoin’s rising popularity will lead to more regulation, says Riksbank <\/strong>”
\n<\/p>\n

Cryptocurrencies’ persistent growth and ever more mainstream adoption is keeping international monetary authorities on their toes.<\/p>\n

\u00a0In fresh comments<\/a> this week, Stefan Ingves, the Governor of Riksbank, Sweden’s central bank, said that digital assets’ rising popularity raises the stakes for regulators, central bankers and lawmakers worldwide:<\/p>\n

\u201cWhen something gets big enough, things like consumer interests and money laundering come into play. So there\u2019s good reason to believe that [regulation] will happ<\/a>en.\u201d<\/p><\/blockquote>\n

Devising regulatory frameworks for an asset that was initially designed to circumvent the very architecture and rules of traditional finance is no easy task. In the United States, the Federal Reserve’s Vice Chairman of Supervision, Randal Quarles, raised his concerns that current regulatory provisions for crypto are inadequate, indicating that the Fed is in the process of looking into how best to tackle the issue. Quarles’ remarks were made amidst a week of wild volatility in the cryptocurrency markets, with Bitcoin (BTC) temporarily shedding a steep $15,000 in value in one fell swoop.<\/p>\n

The European Union has meanwhile pledged to “put in place a comprehensive framework enabling the uptake of distributed ledger technology<\/a> (DLT) and crypto-assets in the financial sector” by 2024 \u2014 one that will,\u00a0equally,\u00a0tackle the risks involved in these technologies’ mainstream uptake.\u00a0<\/p>\n

In Sweden,\u00a0\u00c5sa Lindhagen, the Minister for Financial Markets, has said that the government is already engaged in strengthening regulatory standards for cryptocurrency exchanges. Various crypto regulatory approaches remain, she said, a \u201cwork in progress at the international level.\u201d\u00a0<\/p>\n

Ingves has himself remarked that cryptocurrency regulations \u201cwill probably come at different times in different areas.\u201d Yet when it comes to the \u201cvery important issue\u201d of money laundering, Lindhagen pointed to the need for cross-border coordination between regulators worldwide.<\/p>\n

As regulators mull how to approach the phenomenon of decentralized crypto assets, the Swedish central bank is meanwhile making headway with its development of a central bank digital currency, the e-krona. Its\u00a0proof-of-concept uses Corda, a distributed ledger technology solution from R3. Ingves has previously indicated the currency could be operational within five years.<\/p>\n