03 Aug Rethinking the Blockchain Regulations
The world of blockchains, which are specifically used in trading and use of bitcoins, is something that can seem confusing and has a lot of scrutiny. Those of us who are in business law even have a hard time understanding what is involved and how we want to be able to take care of everything that is associated with the processes here. According to the EU Blockchain Observatory and Forum, blockchain (which is known for completely avoiding regulations and frameworks) needs to fall within legal regulations quickly.
Many legal experts agree; according to Anastasious A. Antoniou (a member of the EU Blockchain Observatory and Forum), the ledger technology isn’t going to reach its best potential until it has legal regulations and a framework around it. These sorts of frameworks will make it easier for governments and economies to interact with and integrate with the blockchain, allowing people to make more solid decisions and preventing problems related to the roller coaster that many cybercurrencies currently find themselves in.
Mass adoption is meant to be the goal of blockchain and cybercurrencies, but the fact is, many people are nervous about adopting the technology and economy because there is nothing to prove or show that it’s going to make a difference in the future. People don’t want to invest in something that doesn’t have some sort of safety net or other thing that is necessary in regards to what they are doing.
Wall Street professional Mike Novogratz said something similar in July, saying that mass adoption was anywhere from five or six years away from being adopted by the masses, mainly because conventional investors are concerned about how it works. Also, the technology industry is still trying to catch up and understand what is going on here as well.