Ever since cryptocurrencies and other blockchain-based projects become not just a dark web twist, but a concern to governmental organizations, banking institutions, and regulatory authorities, things in the transparent DLT market have become more complex, unpredictable, and even controllable in some cases.
If you’d go back to the years 2016, and 2017 and observe the cryptocurrency scene, you’ll find bankers blaming cryptos being a Ponzi scheme, a scam, and something that should be treated as illegal and extremely dangerous, when considered from a financial perspective. The government, on the other hand, was silent, but aware of what’s to come analogizing technologies like Blockchain, the Internet Of Things, AI, etc. for a long time now.
During the first Q of 2017, various banking institutions including many central banks and national banks started to invest into cryptocurrencies openly – as we know they have been doing so for some years behind the scenes. Banks like the Bank Of America, Deutsche Bank, JPM, and Goldman Sachs among others, were the first to release public documentation regarding cryptocurrencies and how they should be treated.Cryptocurrency Treatment Today
Now, obviously, some banks didn’t really care or believed in cryptocurrencies or blockchain technologies at first, wanting to use this opportunity to make tons of numbers behind a computer screen, and vanishing from the scene forever, right the next day.
Hence, regulatory authorities and governmental organizations like the European Commission, G20, and the Swedish FINMA, had to investigate the matter in depth and conclude on a series of transformational policies and educative documentation in order to help both the society and the gov. related organizations and corporations to clearly understand what we are dealing with.
Healthy market competition, and efficiency, consumer/investor protection (fraud and theft, loss of value), insider trading, capital control...