As Bitcoin (BTC) and the rest of the cryptocurrencies continue gaining on their prices and capitalization, the regulatory authorities in Europe are growing over-concerned. It has been several decades since the traditional finance sector has ruled the entire world.
However, with the launch of the cryptocurrency industry back in 2009, it has intervened with its strongest soldier “Bitcoin – BTC”. Ever since the launch of the cryptocurrency industry, millions of people have started shifting to the industry and with time are getting used to the technology.
In the initial phase, the cryptocurrency industry was only limited to mining, buying, selling, and trading of exchanges. With the passage of time, the industry has expanded its roots in the financial system has introduced very attractive products.
Some of the most prominent and reliable services that the crypto-industry has offered until now are DeFi and NFTs. These technologies and products have set a new milestone for the crypto-industry in the world of lending, bonds, and other services.
With these services, the industry will also take over other sectors where the traditional finance sector currently excels.
However, the main reason why the cryptocurrency industry has gained so much recognition is because of Bitcoin (BTC). Bitcoin (BTC) is the very reason that majority of the retail investors and mainstream financial institutions have started adopting the crypto-industry.
After all the success and adoption rate, the regulators from around the world have started growing more concerned with the industry. As per them, people are becoming too much invested and are relying too much on cryptocurrencies, especially Bitcoin (BTC).
Just recently, it was the President of the Central Bank of Europe “Christine Lagarde” who talked about the current situation of Bitcoin (BTC). While talking about cryptocurrencies and Bitcoin (BTC), she requested for the regulators to pay close attention to the crypto-industry.
According to Lagarde, Bitcoin (BTC) is an extremely volatile, speculative, and illiquid cryptocurrency asset. She stated that over the course of time, the currency has been involved and used in many funny businesses. One of the most concerning it was found being used in is money laundering. Lagarde shared these views about Bitcoin (BTC) during the Reuters Next conference that was held on January 13, 2021.
The president of the ECB has put a lot of stress in ensuring that the cryptocurrency industry is imposed with strict regulations. She stated that these implementations are not to be on a regional but on a global level.
However, the above statement made by the president of the ECB has been contested by cryptocurrency firms from around the world. According to the reports, the crime and scam rate that was recorded around Bitcoin (BTC) back in 2012 was 7%. Surprisingly, the Bitcoin (BTC) crime rate has managed to shrink down in recent years. In the past year (2020), the crime rate related to BTC was down to 1%.