Cryptocurrencies have grown by such an incredible margin that it is becoming difficult for countries to keep up with them. Many countries did not take the boom of cryptocurrencies very seriously when it finally reached one of the highest peaks in 2017. At that time, they instead decided to ignore it. But now the market is growing at such an unprecedented rate, that now countries are finding it hard to grasp how to deal with it. One of the solutions that they have come to is regulation of the entire market to better control its growth.
Regulation is certainly not a new topic and has been discussed within the community multiple times. While most purists believe that the market doesn’t need any type of regulation as it is perfect the way it is. Seeing how cryptocurrencies have grown so rapidly without regulation, it only makes sense that it can go even further if left alone.
However other people believe that the market could use some sort of regulation. Not only can regulation greatly help with the image that cryptocurrencies have garnered in recent years, but it can also help bring in new investors. With a safer trading environment, newer investors will be able to trade without having to worry about scams. And with that more people can invest in cryptocurrencies, allowing the market to grow. Overall, if investors were to look through this lens, they will be able to understand how it can also be beneficial for them.
But regardless of what investors in the market might think, the Bank of America has recognized something has to be done about cryptocurrencies. With the way that cryptocurrencies have been improving and expanding, the Bank of America recognizes that they have to do something about the market. Because if it continues to expand on its current track, chances are that regulations will be almost impossible.
They recognized that a variety of institutions have started to accept cryptocurrencies. One of the most recent examples happens to be Wall Street, which has taken quite a keen interest in cryptocurrencies as a whole. Despite the controversies surrounding it, they are more than willing to accept it into their current plans.
Moving on, they even had to accept the fact that countries were starting to warm up to cryptocurrencies. So with all of that in mind, they believe that the optimal solution to helping control cryptocurrencies is to introduce meaningful regulation. The important part about the new regulations would be that it should not stifle any innovation. It should not stunt the growth of the crypto market in any major way, given that it still has a long way to go.