As Bitcoin continues to reach new highs, some argue that its oversight and regulation should be a priority for financial watchdog agencies, and deVere Group CEO Nigel Green was one of the supporters of this idea after the price of Bitcoin crossed $61,000 on the deVere Crypto exchange for the first time in history.
There is no doubt that digital currencies, led by bitcoin, are receiving increasing attention as they constitute a new part of the global financial system, with the market value of bitcoins being traded now at about a trillion dollars, the prices have increased by 890% over the past year and most of the major financial institutions, including payment companies and investment giants, support Bitcoin, which is the most famous and largest digital currency in the world, and there is no doubt that there is growing interest from retail investors as well.
The trend towards digital currencies will inevitably increase in the coming years and at the same rates as well, so financial regulators, as a major priority, must impose regulations on the digital currency sector.
With the spread of Bitcoin and other currencies, standards for these currencies, like the rest of the financial system, must be established within a coherent and applicable international framework, this will help mitigate any potential disruption to global financial stability, protect investors as well as tackle illegal activities related to their trading and give an economic boost to countries that adopt and adhere to these currencies.
Green, who has long been known as an advocate and advocate for cryptocurrencies, noted that the best way to address the regulatory issues of cryptocurrencies is by entering them on exchanges.