It has been over a decade since the world’s biggest cryptocurrency in terms of market capitalization bitcoin erupted out on the global financial scene. Since the beginning of this bitcoin wave, its acceptance on an official level has always been pretty low. Owing to the lack of concrete regulatory frameworks, a lot of negative and illegal elements have seeped into this world. But as we are moving forward with more and more attention being gained by this asset, the demands for official regulatory frameworks are also growing. Developments are already being seen regarding the official acceptance of bitcoin across various areas.
BlockPublisher recently got in touch with the Founder of Korporatio, Stefano Covolan, as he shared his perspective regarding the chances of bitcoin getting governmental acceptance across various countries. He said:
BTC is being already accept in states like Ohaio to pay taxes, having a law approved in one state means other states in US can approve it in a quite simple way. In Italy you need to pay taxes on your surplus from BTC and in Australia you need to provide a proper book records of all the trades you have done in order for the government to calculate your taxes. Japan is working to bring BTC at the same level of the Yen. Banks have started transferring assets values and using blockchain solution to do it, we are talking of hundreds of billions of dollars in scale, not of few millions as a test.
The prospect presented by bitcoin in the form of a global currency framework sure seems to be game-changing as we move forward into the future. But still, issues prevail in this nascent world. Manipulation of prices by big whales in the game make this asset unattractive in the eyes of the official bodies. Prices fluctuate at a very rapid pace. One day the market is seen shooting up, and the very next day, it is down on its knees. Issues also prevail regarding the matters like liquidity, custody etc. Due to the lack of regulations, cryptocurrencies have also become the favorite way for the criminals to carry out illegal activities.
Just like every other technological innovation, bitcoin is seemingly taking its time to develop and mature as of now. It will be interesting to see how things turn out for this asset on the governmental level as we move forward with the asset gaining more maturity.