In recent time, people around the world are more concerned about the decentralized feature of a cryptocurrency. A few days ago, the government of Iran suggested that in today’s time, the crypto market is more risky and confusing than earlier.

Later, the government introduced a proposal in the parliament which advice involving crypto in the ‘currency smuggling’ that already exist in the country and to also include it in the foreign currency exchange regulation of the country.

The regulations are mainly imposed to prevent users but it is to noted that regulations might become a threat to the innovations.
<h2>Struggle Hard To Find Balance</h2>
Dave Jevans, the Chief Executive Officer of CipherTrace, has <a href="https://ciphertrace.com/" target="_blank" rel="noopener">said</a> that one would need to struggle a lot while finding a balance between regulations and innovation.

CiperTrace works along with the Financial Action Task Force (FATF) and other organizations to monitor whether the cryptocurrencies are regulated or not. The main aim of these organizations is to prevent cryptocurrency from being used in any illegal activity like weapon funding, human trafficking or even money laundering.

Countries like Bolivia, Columbia and Ecuador have completely banned the <a href="https://www.cryptoknowmics.com/news/devaluation-of-currency-enhanced-cryptocurrency-use-in-indonesia/">use of cryptocurrency</a>, especially the Bitcoin, in their region.
<h2>Pseudonymous Tokens And Blockchains To Add Privacy Feature</h2>
Since the year 2009, when the Bitcoin was firstly introduced in the market, it had not been able to gain the trust of the government regarding its use-cases.

It is to be noted that if we talk about the regulated structure of the crypto space, privacy is very important for it.

Jevans believes that some of the pseudonymous tokens and blockchain might soon integrate the privacy features. He felt so because currently, many of the countries have been working on their own Centrally Backed Digital Currencies (CBDC) which would soon get launched in the market.

While concluding his statement, he said that after the issuance of CBDC in the country, the transaction privacy would become a great concern to consumers and businesses.

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Bitcoin Trying to Find the Balance Between Regulation and Innovation

The crypto regulations are mainly imposed to prevent users but it is to noted that regulations might become a threat to the innovations.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Bitcoin Trying to Find the Balance Between Regulation and Innovation

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