Some nations ban Bitcoin and other cryptocurrencies, while others severely restrict them. This article discusses how US and Chinese regulatory constraints are preventing widespread adoption and how to overcome them.
Regulating Bitcoin and cryptocurrency markets in general appears to be one of the biggest barriers to widespread adoption as of right now.
In addition to certain nations outright prohibiting its use or sale, there are also regulatory barriers in some of the nations that do not.
For instance, while the current MiCa law in the European Union does not outright prohibit them, it severely limits their unlimited and problematic use.
The issue becomes particularly significant in those nations, namely the US and China, where there is a significant and developed market for cryptocurrencies.
Regulation of bitcoin in the US
How to control the usage and trade of cryptocurrencies is a hot topic in the United States of America.
Although not everyone agrees, it now appears that the government and Parliament are going more generally toward light regulation than in Europe.
It is important to note that there will be presidential elections in 2016, which is why many politicians have already begun honing their strategies, particularly in light of the primaries.
For this reason, some people are actively planning their campaigns to target cryptocurrencies, like Senator Elizabeth Warren. For instance, Warren has suggested building a “anti-crypto army” to combat cryptocurrencies, which may get some support.
Elizabeth Warren does not appear to have the support of the majority of US politicians, nevertheless.
In actuality, there are people who hold the exact opposite viewpoint.
Robert F. Kennedy Jr., prospective president, on Bitcoin
Bob Kennedy, the brother of President John F. Kennedy who was slain in 1963 and who was also assassinated in 1968, was the father of Robert F. Kennedy Jr.
He is a member of the Democratic Party, just like Senator Warren and his father Bob and uncle John. This demonstrates that there are many varied viewpoints even inside the Democratic Party.
In fact, Robert F. Kennedy Jr. said in a public statement on his official Twitter page yesterday that cryptocurrencies like Bitcoin offer a way out of the issues brought on by the Fed’s monetary policy.
Kennedy opposes the Fed’s big 2020–2021 agenda and CBDC ambitions. He further claims that the Democrat-led US government and bankers are destroying the cryptocurrency business.
CBDCs hinder Americans’ freedom and privacy, while Bitcoin resists central banks’ disastrous monetary policies, according to Kennedy.
During the pandemic and lockdown, Kennedy took unorthodox stands for individual liberty.
He has yet to capitalize on his anti-vaccine views.
He is seeking the 2016 Democratic presidential nomination to succeed Biden.
Kennedy could unseat Biden and become the Democratic nominee or defeat the Republican nominee the following year and become president.
However, his lack of electoral success makes it doubtful that he can defeat Biden or the Republican nominee.
The circumstance in China
Regarding cryptocurrency legislation, the position in China is quite clear: buying and selling cryptocurrencies is prohibited.
Thus, the Chinese cryptocurrency market should have collapsed, but it has not. The Chinese have discovered a way to trade bitcoins internationally.
China has been considering lifting this barrier. This theory is still a guess, but one fact resurfaced yesterday.
On Twitter, Tron founder Justin Sun highlighted that the Chinese version of Tik Tok now displays real-time Bitcoin values.
Douyin, the Chinese counterpart of Tik Tok, is the same software for Chinese people. Since ByteDance, a Chinese company, makes Tik Tok, it may be considered the global equivalent of Douyin.
In spite of being in Chinese, Douyin reportedly boasts more than 700 million users, most of whom are Chinese citizens.
Even though ByteDance is privately owned, the Chinese government monitors Douyin and has intervened to compel reforms or limits.
Thus, ByteDance should not have added real-time Bitcoin price updates if it knew it would risk closure.
Given that the Chinese people does not appear to favor government-imposed blocks on cryptocurrencies, it is unclear whether this decision was made with the authorities’ approval or in defiance. If they don’t resist, it might indicate a shift in China’s cryptocurrency policy.
Will Bitcoin and cryptocurrency regulations loosen up?
Although it is difficult to say with certainty that regulation of cryptocurrencies will grow more lenient in the future, there does appear to be a probability that states may recognize Bitcoin as a common asset, particularly in the financial markets.
With the bear market of 2022 seemingly behind us, cryptocurrency critics may become fewer, and possibly over time, Bitcoin’s supporters may rise once more.
Government laws in the future might actually be somewhat lax when it comes to Bitcoin, albeit it may take years.
