Bitcoin ecosystem faces many regulation and legal challenges. This blog post explores the challenges the authorities face in regulating this cryptocurrency.
Financial systems’ regulators and policymakers rush to write, amend, and adopt crypto asset regulations. Most countries are considering changing regulatory frameworks to cover Bitcoin. Like most virtual or digital assets, Bitcoin is in its infancy, and its development is rapid. At the same time, Bitcoin’s value continues to increase and attract more people’s attention.
But the rapid development, increasing popularity, and value fluctuations prompt governments and other agencies to consider regulating Bitcoin. However, insufficient knowledge of the risks and nature of Bitcoin’s ecosystem makes handling it challenging.