Regulatory Crackdown Facing Bitcoin says Mark Carney.
With the failure of cyptocurrency to fulfil it’s most basic functions as a currency have led to its most eminent cracking down, The bank governor, Mark Carney has described the situation of the unregulated exchanges that have made the company grow rapidly. On a statement he describe the anarchy situation as “regulate elements of the crypto-asset ecosystem to combat illicit activities”. This warning has come amid the current affair in which the countries are trying to bring the currency under the central bank control and also trying to curb the currency from being used to facilitate some activities such as drug dealing, terrorism amongst others.
Bitcoin developed and was valued as at end of last year to be worth $20,000 which then dropped immediately after Christmas by almost half of the value. Now it is worth about $11000 which have started the increasing trend in the market.
Mark Carney continued “Authorities are rightly concerned that given their inefficiency and anonymity, one of the main reasons for their use is to shield illicit activities. This cannot be condoned. Anarchy may reign on the dark web, but in the UK it’s just a song that your parents used to listen to,”
The continuous increase of Bitcoin value makes people see no damages can be posed by it which after the possession it can pose market risk onto the financial stability hence should not be trusted yet and people should avoid the exploitative exchange.
With this continuity trend it is appropriate to note that the changing financial terms and situations are just an indicator of the more regulatory aspect that have been set in place to ensure security.