Cryptocurrencies and other digital assets are growing very quickly and it is almost scary for people to grasp that growth. Developments in this room go well beyond anything we could ever imagine, and a lot is happening together.
On the one hand, we see some nations running away from these currencies and using their power to stop their operations. On the other hand, we see other nations accelerate and participate in their growth because they see the potential and future of these digital assets. Please visit the Bitcoin Prime website for more information.
For these reasons, it is very difficult to put crypto in a single bracket on its own. It’s the type of digital asset that always comes with its pros and cons, and there is no escaping it.
Two sides of a coin
People who promote the use of these digital assets see them as an opportunity. An opportunity to break away from manual systems, an opportunity to decentralize the system and place power in the hands of the common people, an opportunity to bring more transparency into operations and, most importantly, escape government control.
At the same time, there is another population group who fear this system because they fear that it will disrupt the stability of the world and create chaos and volatility in terms of payments and money.
It used to be just cryptocurrencies, now Facebook’s Diem (formerly Libra) has announced that it will rule this area in the future. All of this has led to a very strong need for a suitable regulatory system to control cryptocurrencies. Although its nature is based on its decentralized characteristics and lack of accountability, if it is to be accepted over the long term and become part of the mainstream financial system, it must fall under the gambit of rules and regulations.
The European Union will soon take its first step in this direction. There was news that the strongest European countries have convened a joint meeting to discuss the way forward in the crypto industry. These nations include Italy, France, Germany, the Netherlands and Spain. They are pushing for a well-regulated and comprehensive strategy to govern the crypto industry that they believe will only benefit its growth.
EU blockchain-based payment system
The EU will push for a blockchain-based payment system that offers numerous benefits, including fast processing, lack of control, cross-border facilities, lack of human delays, avoidance of fraud and lower transaction fees.
These European nations see the enormous potential of these currencies and are pushing for a system based on them. This is the way forward, and those who grasp and grasp this technology at an early stage will benefit from its growth later.
The good part is also that this move is initiated by the European Union. Whatever the Union does, it is always seen in a positive light by the whole world. This makes it more promising and we can expect it to get better after this step.
These nations believe that the lack of regulation in this room is a major reason people are so scared to enter this room. The high volatility and the lack of accountability are secondary. Once there is a proper system in place to control this industry, the chances are they can build a proper crypto-based financial system that people are keen to trade and invest in.
Taking the big leap in this direction, the European Union will set up the first crypto-based system valued at around $ 350 billion. Not only that, but in this way it will be possible to establish a very strong base in this industry.
The EU will become the pioneer of the future and forever the standard-bearer of the gains and developments associated with it. In fact, this will spur the entire system in the world on and give them an eye-opening statement that Crypto is indeed the way forward and instead of being shy about it, they should embrace its growth and participate in it.
Cloudy forecast ahead?
What lies ahead, however, is still shrouded in the clouds of doubt. Since crypto is not an ordinary market and developments in this market have to be well thought out, carefully planned and well worked out.
It will be very difficult to see how the EU moves in this area, but once they are established they will be a global example for the whole world and the rest of all nations will follow in their footsteps.