Cryptocurrencies and other digital assets are growing at a very fast pace and it’s almost scary for people to grasp this growth. The developments taking place in this space are far beyond what we ever imagined and a lot is happening together.
On one side we see some nations are running away from these currencies and they are utilizing their power to shut its operations. On the other side we see other nations are accelerating and participating in its growth because what they see is the potential and future of these digital assets. For more information visit Bitcoin Prime site.
For those reasons, it is very difficult to put crypto in a single bracket alone. It is the kind of digital asset that will always come with its set of pros and cons and there is no escape from the same.
Two Sides of a Coin
People who are promoting the use of these digital assets see them as an opportunity. An opportunity to get away from manual systems, an opportunity to decentralize the system and put power in the hands of the ordinary people, a way to bring in more transparency in the operations, and most importantly a way to escape the scrutiny of the government.
At the same time, there is another set of the population that is scared of this system because they fear it will disrupt world stability and will create chaos and volatility regarding payments and money.
Earlier it was cryptocurrencies alone but now Facebook’s Diem (formerly Libra) has also announced that it will be coming to rule this space in the future. Now, all of this has created a very strong need for a proper regulatory system to govern the cryptocurrencies. Though its very nature is based on its decentralized features and lack of accountability if in the long-run it wants to be accepted and become a part of the mainstream financial system it will need to come under the gambit of rules and regulations.
In this direction, the European Union will be taking its first move soon. There has been news that the strongest European countries have called a joint meeting to discuss the way ahead in the crypto industry. These nations include Italy, France, Germany, the Netherlands, and Spain. They are pushing for a well-regulated and comprehensive strategy to govern the Crypto-industry which in their opinion will only benefit its growth.
EU’s Blockchain-Powered Payment System
The EU will be pushing for a Blockchain-based payment system which comes with its many benefits including-fast processing, lack of scrutiny, inter-border facilities, lack of manmade delays, avoidance of frauds and lower transaction fees.
These European Nations see the huge potential that these currencies hold and are pushing for a system that is based on the same. That is the way ahead in the future and those who grasp and get a hold of this technology in its early stages will benefit from its growth later.
Also, the good part is this move-in being initiated by the European Union. As whatever the Union does it’s always seen in a positive light by the entire world. This is what makes it more promising and we can expect better happening after this move.
These nations believe that the lack of regulation in this space is one major reason people are so scared to enter this space. Its high volatility and lack of accountability are secondary. Once a proper system is in place to govern this industry there is a chance that they can build a proper Crypto-based financial system in which people will be highly interested in trade and investment.
By taking the big leap in this direction the European Union will establish the first Crypto based system that will be worth around $350 billion. Not just this, but by doing this it will be able to establish a very strong footing in this industry.
The EU will become the pioneer of what happens ahead and will forever become the flag-bearer of related growths and developments. In effect, this will spur the entire world’s system and give them an eye-opening statement that Crypto is indeed the way ahead and instead of shying away from the same they should be embracing and participating in its growth.
Cloudy Forecast Ahead?
However, what lies ahead still remains shrouded by the clouds of doubts. As crypto is no usual market and the developments in the same have to be well-though, carefully-planned, and well-crafted ones.
It will be very challenging to see how the EU moves in this space but once they are established they will be leading a global example for the entire world and the rest all of the Nations will be following in their footsteps.