Calls for cryptocurrency regulation were a resounding theme at the World Economic Forum in Davos last week. The world's most prominent financial institutions remain cautious cryptocurrencies, amid fears of future regulation driving the market to tank.

Governments around the world have signaled their current or imminent intention to legislate and regulate cryptocurrencies around the world. for clarity, they must go ahead with projects entering the market.

Countries like Russia are moving forward with the creation of their own cryptocurrency, which they can fully control. Others, like Venezuela, were forced to do so to combat the out-of-control inflation that paralyzed its economy. Opposed to a decentralized and anonymous system, the creation of a cryptocurrency that governments can control is their only option to fight a semblance of "control" that has been handed over to the everyday man using cryptocurrencies.

At the WEF in Davos, Alexander Borodich, CEO of Universa, said governments wanted to issue their own virtual currencies that would be backed by commodities like oil.

"From my point of view, they will offer cryptocurrencies as Cryptorruble or crypto-barrel if they like … to support the oil that they have or other resources .

He added that 2018 would see the emergence of these cryptocurrencies issued by the state to challenge the dominance of Bitcoin and other popular virtual currencies

Harmful Uses Are Still a Concern

Despite the best intentions of honest developers, exchanges and blockchain engineers, the C is a dominant feeling that the underground world still uses cryptocurrencies. The closure of the Silk Road and subsequent black markets goes back several years, but state leaders continue to raise concerns about the harmful uses of virtual currencies.

According to the Independent, Steve Mnuchin, US Treasury Secretary. said that a concerted effort is being made to prevent cryptocurrencies from being used for illicit trade.

"My focus on cryptocurrencies, be it digital or bitcoin currencies or others, is that we want to make sure that they are not used for unlawful activities. "

The well-being of financial markets and systems that have been shaken by the massive adoption of bitcoin and altcoins is a major concern. In the words of Mnuchin:

"We encourage fintech and we encourage innovation, but we want to make sure that all our financial markets are safe, and we want to make sure that the rest of world – and many (Group of) 20 countries are already starting to do it – have the same rules. "

Christine Lagarde, Director of the IMF

" L & # 39. Anonymity and lack of transparency and the manner in which it conceals and protects money laundering and the financing of terrorism are simply unacceptable, must be taken into account but "

nevertheless The cryptocurrency community has been optimistic about social media, slamming the apathy that swirls around Davos this week.