How Regulation Could Help Cryptocurrencies Become Mainstream for the Consumer
On the third day of the CoinGeek conference, which took place on 30 November, Bitcoin enthusiasts assembled in The Mermaid on Puddle Dock to glean insights from leading industry thinkers. The theme of discussion focused around the future of Bitcoin Cash technology.
This theme led one panel of Bitcoin Merchants to discuss the core topic of how to facilitate the widespread adoption of cryptocurrencies by the consumer in the near future. Comprising experts from companies such as Brewdog, White Company, Coppay and CentBee, the panel unanimously agreed that regulation was essential for achieving this aim in order to make it ‘regular’, they noted.
One issue which regulation could overcome is the negative connotations of Bitcoin which has seeped into public consciousness, Heidi Patmore, VP of Innovation at Brewdog, asserts. Many people, she explains, remain concerned with its association with malicious or illegal practices or merely its volatility. This, the panel propose, can change if the technology was regulated effectively by the necessary bodies to legitimise the technology and sooth these concerns.
A factor which is further precluding crypto from regulation centres around uncertainty on how to classify the technology. Is it a currency? Is it a commodity? How this will be decided on and when there is a better understanding of this by regulators, more people will be willing to use it in everyday life. Consumers take comfort in regulation, asserts Elisabeth White, CEO of White Company.
Although regulators may be apprehensive about imposing regulations in the fear that it may prove to legitimise cryptocurrencies, as time has proved, they are not a passing fad. They are a reality and they will continue to be apart of the economy into the future. As with many issues which arise from human creation, these technologies need to be regulated in order to be controlled and influenced in directions which benefit us.
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