Cryptocurrency, If 2017 was the year cryptocurrencies took off then 2018, it seems, is the year of regulatory reckoning. It may also be the year of mainstream adoption. Cryptocurrencies even became a major theme at the G20 Summit in Argentina in March.
The main concern of governments is whether or not individuals are using financial instruments for terrorist financing, money laundering, or taking advantage of citizens.
1.Obstacles faced by the cryptocurrency:
AML is anti-money laundering. KYC stands for ‘know-your customer’. KYC allows businesses to report on suspicious behavior by customers and identify possible scams and fraudulent transactions. These measures are designed to enhance security and prevent money laundering when crypto trading is done.
Taxation is another concern. People must pay tax on gains realized.
EU countries also raise concerns about market practices and consumer protection.
China has also increased regulation, banning initial coin offering and digital-asset trading, and blocking online access for overseas trading platforms.
Experts believe regulation is essential to increase safety and prevent hacking. But, it should also be balanced to enable the growth of blockchain technology.
“Korea recognizes blockchain technology as a major macro topic, tokenization of services and tokenization. The South Korean government seems to have recognized this and is coming up with a balanced approach. They recognize the need to allow ICOs to be allowed, but they also want to prevent unqualified players from entering the market.
South Korea’s government has banned minors from using digital currency or enhanced ID verification to prevent speculative bubbles. It is currently working on additional guidance such as new taxation rules that will be announced later in the year.
Experts believe that cryptocurrency is still relatively unknown territory. It is crucial to minimize risks while allowing the cryptocurrency ecosystem growth.
Kim Hyesung and Arirang News.
2.tutorial video on cryptocurrency:
3.Akon Announces the Launch of His Own Cryptocurrency Akoin:
Akon is now part of the growing list of artists who have adopted cryptocurrency. According to Page Six reports, the Senegal-raised musician recently launched his digital currency, appropriately dubbed Akoin. The venture will propel Akon’s Lighting Africa initiative that aims to improve living standards through the use of renewable energy. Akon talked about cryptocurrency during a panel at Cannes Lions 2018.
He stated that “I believe that blockchain and cryptocurrency could be the salvation of Africa in many aspects because it brings power back to people and puts security back in the currency system. Also, it allows the people to use it in ways where they are able to advance themselves rather than allowing the government to do those things that are keeping their down.”
According to the Akoin venture, the singer intends to build a “100% crypto-based City” on the 2000 acres of land given by the Senegalese president. Akoin states that the project will blend “leading Smart City design designs with a blank slate for crystalizing our daily business and human exchanges, towards creating a radical new way to exist.”– Advertisement –
Akon answered a question regarding the technical aspects of Akoin, the crypto-based capital city.
He had much to say about his possible presidential bid and how he would handle Donald Trump or Kanye West.
“It’s going be entertaining, it will be something worth seeing,” he stated about a possible debate. “I’m going against Trump and Kanye is going to get offended because Trump likes Kanye. He’s going to pursue me. Then I will go after Kanye. Trump is going to be offended because Kanye likes me. And then the debate stage where it’s all me will be set. It’s perfect. It’s a master plan.