A day when confusing news continues to emanate from South Korea and China over the proposed new bans and restrictions on Bitcoin, a member of the board of directors of the Bundesbank's Bundesbank Joachim Wuermeling believes that there is very little chance of containing this global digital phenomenon with different national rules around the world. According to Wuermeling, international cooperation in Bitcoin regulation gives regulators the opportunity to take control.

The Effect of Regulation

Regulatory pressure on Bitcoin and the entire cryptocurrency market has recently increased, which has been felt in all areas . The confusion that started in Korea has caused a sharp drop, and even the retraction of these statements has helped the market to grow.

In these regulatory movements, individual national countries, there are often powerful movements throughout the crypto-world currency. market. However, they are never really big enough to control it completely.

These are case by case regulations, and these instances are not strong enough for the free cryptomarket to be constrained.

"Effective regulation of virtual currencies would therefore only be possible through the greatest possible international cooperation, since the regulatory power of nation-states is clearly limited," said Wuermeling

face to the digital currency

The problem is that there are two very different points of view on the regulation of Bitcoin, and these views may differ from one country to the next. other.

Japan is one of the most fervent advocates of the digital market. Bitcoin currency status last year. However, just on the other side of the Sea of ​​Japan, on the mainland, China has been the main actor of the war against Bitcoin.

There is first the ban of the ICO, then the ban on trade. news for those who even treat trade-like services.

It is hard to find a nice position on digital currencies for nations having so much torn between different ends of the scale. That's one of the reasons why regulation is so difficult.

Is this necessary?

There is also the discussion of the need for regulation that seems to go against what Bitcoin is trying to achieve with its decentralized nature. Cal Evans, an international technology lawyer from London, says:

"As cryptocurrency grows, it has had to overcome serious international compliance and regulatory problems. There are many regulations depending on the country in which you read this, yet a problem seems to slip under the radar many times. "Money laundering."

Adding to the sneaky nature, an unregulated currency causes Steve Keen, professor of economics at the Kingston University of Kingston, to echo similar sentiments

in a system where there is will have criminal attacks. The code itself is clearly not foolproof. People will find their way, the forks will be imposed on them, whether they want it or not. In this situation, regulation may be the only future. "

Is It Possible?

It is clear that Bitcoin and other crypto-currencies will continue to exist in ways that many regulators disapprove of. Unless it is n & rsquo; There is a united front to wrest the world-controlled digital currency economy.

Even banning stuff in China's country has only proven to be a slowing down of the road, Bitcoiners, and tastes can always find a way.