Mastering Blockchain - Second Edition

Regulation

Regulation is considered one of the most significant challenges that need to be addressed. The core issue is that blockchains and especially cryptocurrencies are not recognized as a legal currency by any government. Even though in some cases, it has been classified as money in the US and Germany, it is still far from being accepted as a regular currency. Moreover, blockchains in their current state are not recognized as a platform that can be used by financial institutions. No financial regulatory body has yet accepted it as a platform that can be authorized to be used.

There are, however, various initiatives taken by regulatory authorities around the world to research and propose regulations. Bitcoin in its current state is fully ...