Tue, February 07, 2023

Digital currency market and its challenges

FalconX and investors

The cryptocurrency is developing around the world. Several years ago, knowledge regarding digital currencies was quite limited. One of the most important speeches which helped to popularize the blockchain belongs to Don Tapscott. He gave a famous speech in 2016. More than 4 million views showcase that his TED Talk speech influenced people’s perception of cryptocurrencies.

According to the CoinMarketCap, there are nearly 2,400 cryptocurrencies on the market. It means that the digital currency market is evolving, and other cryptocurrencies will join this long list. It is not surprising because not only private but governmental organizations as well are starting to realize the importance of this market.

However, when it comes to regulations and other aspects of the digital currency market, there are many questions about it. For example, how to regulate this market and which entity should take care of illegal activities committed by using cryptocurrencies. The list of questions is long and not only private companies but governments are unable to solve the problems.

People should not forget that the digital currency market only started to develop, and may legal issues will arise next several years.

Facebook’s digital currencyFacebook and digital currencies

One of the examples of how laws and regulations can affect cryptocurrencies is Facebook’s project. The social media giant decided to create the digital currency, which will receive permission from the government. However, this process is moving very slowly. As a result, Libra is facing additional pressure from lawmakers and other officials.

The purpose of the Libra Association to manage this digital currency. There are 27 founding members and including Visa, MasterCard, and other famous companies.  However, due to legal problems, Visa, MasterCard may leave this project. Losing world-famous companies will be a serious problem for Facebook and its allies.

Last but not least is the news about the price of Bitcoin and Ethereum. Bitcoin is struggling to regain its position. Right now, Bitcoin’s price is $8,012. Another cryptocurrency Ethereum is also in a difficult position. At the moment, Ethereum’s price is $174.

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