Cryptocurrencies are becoming popular. However, there are legal and financial problems. It is not surprising because this, is a relatively new business with few laws and regulations. The situation will improve in the future, but it will take to solve the issues which affect the crypto community.
The number of digital currencies surpassed 2 000. Right now, according to CoinMarketCap, there are 2 400 digital currencies. The cryptocurrency market is evolving, and this number may increase by the end of the year.
As mentioned above, the lack of regulations is a serious challenge for the crypto community. On the one hand, the decentralized system attracts investors who are looking for an unregulated market. On the other hand, there are problems due to the lack of supervision. This hampers the development of the crypto market as governments are trying to tackle the illegal activities connected the cryptocurrencies.
People should not forget that the digital currency market only started to develop, and many legal issues will arise next several years.
Digital currencies and crypto community
One example of how the lack of cryptocurrencies affects the digital currency market is Libra. The crypto community is waiting for how the situation will unfold in the nearest future. The social media giant Facebook decided to create the first cryptocurrency, which will receive permission from the government. However, the process is far from being over, and it is hard to estimate when Facebook will be able to launch this cryptocurrency.
The purpose of the Libra Association is to manage this digital currency. There are 27 founding members and including Visa, MasterCard, and other famous companies. Last week, another problem further complicated the situation. According to the information Visa, MasterCard may leave this project.
Another interesting piece of information is the price of Bitcoin and Ethereum on Friday. Both of them had to deal with problems. Bitcoin’s price was $8,012, while Ethereum’s price was $174.