There was a time when Bitcoin used to be just a topic of discussion amongst tech nerds. However, this digital currency had a dream journey projecting a meteoric price rise and have slowly taken up the shape of a financial safe haven by shoving out tough contenders such as the yellow metal. Thus, it has become imperative now for the government and regulatory bodies worldwide to decide upon their final stand in regards to Bitcoin.

Business, Commerce, and Entrepreneurship Environment Minister of Romania, Ilan Laufer has showcased his faith in the world of cryptocurrencies. However, he admitted to the fact that the same needs to be regulated for gaining optimum benefits.

Laufer says while talking to Romania’s oldest autonomous press agency, AGERPRES that :

“I believe that this is a market with a special dynamic. When we speak about cryptocurrencies, we speak primarily about Bitcoin. It’s a more volatile market than any normal one. On one hand, this might attract large investors, which we see happening. It’s a new system that’s based on the trust of those who use the blockchain, of those who use the currency. It’s a bit different when compared to listed stocks or other properties that you could buy through the stock exchange,”

Laufer is a strong believer of the fact cryptocurrencies can be the game-changer in the plethora of financial transactions.He points out:

“I strongly believe in the idea of cryptocurrencies and that the future and the way we complete transactions—the way in which banks behave—will be affected by the development of this new industry. It’s a challenge for the banking system because this area isn’t very well regulated and I believe that this should happen. It’s an area in which lots of money circulates, but it is also a new technology. We have to understand and look at what benefits it brings with it and how it can be implemented in the real economy. This kind of thing is happening at a rapid pace. It’s one of the few projects that have taken everyone by surprise at a global level. Now, we see many states that are rushing to adopt legal procedures to regulate the transfer [of cryptocurrencies] and their function, among other things,”

Also Read: Israel Prime Minister says Bitcoin could replace Banks

He agrees with the fact that a large array of opportunities and benefits can be attained based on the Bitcoin ecosystem which had been criticised in the past for its massive fluctuations “from one hour to the next, changing its value by 15 percent sometimes.”

The Romanian minister did not reveal details about the exact kind of regulations he wishes to propose.

Michael Novogratz also voiced similar concerns recently stating that the growing prices of Bitcoin and its massive spread amongst retail and institutional investors will attract government regulations. Until the statements of this Romanian minister get clarified, we shall have to wait and watch how the story actually unfolds. However, Laufer’s tone does not indicate that he is willing to bottleneck the flow of Bitcoin in Romanian economy.

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