From Reputation to Regulation: The Challenges and Opportunities for Crypto’s Future
Crypto needs to achieve “international interoperability” through regulatory standards if it wants to go mainstream, according to Lisa Cameron, Chair of the UK’s Crypto and Digital Assets All Party Parliamentary Group. And she’s not alone. The G7 and G20 groups are already working on creating regulatory standards around cryptocurrencies, digital assets, and CBDCs to help achieve this goal. Cameron sees progress happening “at pace” with the UK government focusing on education and evidence-based debates within Parliament.
However, Binance’s CCO, Noah Perlman, pointed out that some regulators base their decisions on “reputational risk,” which is an “amorphous concept” that can disallow or allow anything without citing specific regulations. Regardless, the G7 is set to consider how to help developing countries introduce CBDCs in line with international standards at its summit in May. So, there’s hope yet for crypto to break through to the mainstream!
Clever Robot News Desk 10th May 2023
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