What are the possible alternatives to banning cryptocurrencies, according to the banking committee chairman?

3 answers

• Dec 26, 2021 · 3 years ago
  The banking committee chairman suggests that instead of banning cryptocurrencies, the government can implement strict regulations to ensure transparency and prevent illicit activities. By enforcing KYC (Know Your Customer) and AML (Anti-Money Laundering) policies, the authorities can monitor transactions and identify suspicious activities. This way, cryptocurrencies can coexist with traditional financial systems while minimizing the risks associated with money laundering and terrorism financing.
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• Dec 26, 2021 · 3 years ago
  Well, banning cryptocurrencies might not be the best solution, according to the banking committee chairman. Instead, they propose implementing a licensing framework for cryptocurrency exchanges and service providers. By requiring licenses, the government can ensure that only legitimate and trustworthy entities operate in the industry. This would enhance consumer protection and foster a more secure and regulated environment for cryptocurrency transactions.
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• Dec 26, 2021 · 3 years ago
  According to the banking committee chairman, one possible alternative to banning cryptocurrencies is to establish a self-regulatory organization (SRO) within the industry. This SRO would be responsible for setting and enforcing industry standards, promoting best practices, and ensuring compliance with regulations. By having industry experts oversee the market, it allows for a more flexible and adaptive approach to regulation, while still maintaining the necessary oversight to protect investors and prevent fraud.
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