What happens if one fine day, Mr X decides, he wants to invest in cryptocurrency. He heard something about Bitcoin and how it rose to a high of 1000% and then crashed and is back on the way to the top? Do you think he will go the traditional way and study about it and then get mining equipment ready and mine his own Bitcoins or would he go the modern way and visit a cryptocurrency exchange and buy, invest and trade in this new form of money?
Majority of the new crypto investors prefer to go the modern way. Be it due to the lack of knowledge or lack of patience to set up the mining PC. Crypto exchanges are a risk free and easy manner of getting the cryptos one needs. But, with the new history of crypto exchanges being either hacked into or them taking an exit policy after a hacking, it makes one wonder what can a common person do?
Well what is most important and urgent is that there should be a policy under whose umbrella, all crypto exchanges would govern. But, again to counter it, the question arises, what if this is another way of the government to keep an eye ‘Big Brother Style’ simply to know our dealing and indirectly a means of curbing the decentralized cryptocurrency market just when it is blooming to become the most profit generating ecosystem? Questions galore, but, where are the answers?
Konichiwa from Japan: Crypto exchange Regulations
The Japanese government is working hard to become the next big IT hub of the World. For that, they are welcoming all forms of decentralization with emphasis on cryptocurrency. A forward thinking nation, Japan has not only opened its doors for Bitcoin and other Altcoins to be considered as legal form of payment, but is also taking an additional step by regulating the policies of the top 16 crypto exchanges of Japan.
There were no regulatory body previously. It was only after the hack of Coincheck, that a communal need for self-regulation in the country was set up.
Majority of the said Crypto exchanges that have gotten approval by the regulatory board have been in exchange businesses prior to the introduction of the registration system.
What makes this even more interesting is that of the 16 that had received approval, 2 have been suspended already! This current news, trickled down as this article was being written. The justification of the suspension has been keeping consumer protection as a priority. What an amazing way to handle things. The profits of this will surely be reaped by Japan in the coming future.
Paypal applies for a Patent: Come Undone!
Paypal is one of the most popular and renowned monetary exchanges in the world. Thay have ventured into the field of cryptocurrency some time back. It was their observation that people lose much more than mere time whenever any transaction takes place. To beat these blues, Paypal has revealed that it has invented a new Ecosystem under which cryptocurrency shall be exchanged in a jiffy.
“In many transaction situations, a 10 minute wait time will be too long for payers and/or payees, and those payers and/or payees will instead choose to perform the transaction using traditional payment methods rather than virtual currency. Issues like this have slowed the adoption of virtual currencies despite their advantages. Thus, there is a need for an expedited virtual currency transaction system,” explains Paypal.
This seems like just the thing any cryptocurrency investor, trader needs. Keep an eye out for this one folks!
Also Read: Best Cryptocurrency Trading Apps 2018
We can hope that other nations look into the example that is being set up by Japan in regards to cryptocurrency and its exchanges. Similarly, we hope that Paypal gets their patent so that in future, whenever Mr X wants to trade, he can do so easily.