Since the inception of decentralised currencies and the biggest options in crypto-currency with the likes of Bitcoin and Ethereum, the goal has always remained the same and remained clear – an anonymous form of payment that isn’t part of the traditional banking system that is able to get around much of the red tape and frustration that exists in the current systems.
Although there has been suggestions that would make the bigger coins become more mainstream with the likes of Tesla suggesting it would be usable for purchases helping the price before environmental concerns led to change, it’s primary usage is still within smaller means particularly with online gaming like slots here for example ? despite that bigger institutions are starting to recognize the possibilities as banks may be prepared to become more involved, but it could also come at the cost of more transparency too.
A recent proposal from the EU Commission has outlined potential changes that could make it harder for the cryptocurrencies to be used for more nefarious purposes, largely targeted towards money-laundering and financing of radical groups, and for many the crypto-assets certainly do still hold this image of being a little more black market and in the grey compared to traditional currencies. The proposal would provide much more transparency for these transfers, as whilst currently any exchange can be sought out, there may be a new requirement that has users provide their name and address along with other details if they’re hoping to trade or sell their crypto-assets.
It could take some time for these rules to come into place, some suggestions stating up to two years, but it also isn’t something completely unseen as some comments have been made that this was almost inevitable, and that “If you want to make real money, you have to follow the rules of real money.” Given the changes in price for the biggest coins over just these year too, with Bitcoin swinging from $60,000 down to $30,000, it’s certainly gaining a lot of attention.
It does bring into question what the future may hold for digital currency, however, as the initial goal had been to remain independent and decentralized, adding these requirements for more information may alienate the most dedicated users from keeping their current position if they feel these changes don’t align with what the original usage for the coins were, or may lead many to move away from the bigger more established coins in hopes of finding something smaller that won’t come under the same scrutiny.
With so much change going on, and the current crackdown in China in particular, it’s going to be a rough road in the short term for crypto with plenty of opportunities presented along the way, and current users may find themselves experience big change.
