Since the beginning of the year 2020, the cryptocurrency industry has gained vast adoption and investments. Over the course of time, the industry has managed to gain a lot of trust and mainstream adoption from investors.
There was a time when even individuals were skeptical about trusting and investing in cryptocurrencies. However, the industry managed to survive and over the course of time, expanded its trust circle to higher levels.
Slowly and steadily, the industry has earned the respect of many mainstream institutions and the retail sector. Even the countries have now started adopted crypto-blockchain technology in the masses. There are several countries in the process of launching their own central bank digital currencies.
Even country like the United States has now started changing the way it perceived the cryptocurrency industry until last year. The United States of America had been one of the opposing entities of the cryptocurrency industry ever since its launch.
Despite the American citizens and many private institutions being very interested in cryptocurrencies, the US administration had always been very harsh on the industry.
However, Janet Yellen who is expected to be the next US Treasury Secretary has shown a positive interest in cryptocurrencies. Yellen has stated that the crypto-blockchain industry will eventually play a key role in the financial sector of the country.
Even when the United States of America has started becoming soft on the cryptocurrency industry, there is one country that has become even harsher on the industry.
The United Kingdom has become an opposer of the cryptocurrency industry and its regulators. Its regulators have been making constant efforts in convincing their citizens not to invest in cryptocurrencies.
Recently, Andrew Bailey who is the Governor at the Bank of England shared his views about the current cryptocurrencies. According to Bailey, the currency cryptocurrency industry is full of flaws and its infrastructure is also immature. As per him, the cryptocurrency assets lack the structure and design that is needed to ensure that they are able to survive the regulations in the long-term.
Bailey made the above statement during an online panel for the World Economic Forum on January 25, 2021. The topic being discussed by the panel was “Resetting Digital Currencies”. That is when he was asked if the current cryptocurrencies are here to stay for the long term or not.
Bailey admitted that cryptocurrencies have indeed emerged as an innovative finance solution. However, it still lacks the design and the structure to survive the regulatory infrastructure that may be introduced in the future.
Therefore, if the cryptocurrency industry sticks to its current structure and design, then it will find it difficult to survive in the future cryptocurrency regulatory environment.