Countries, Regulations, and Cryptocurrencies: Why adopting | Best Crypto Traders Official
Countries, Regulations, and Cryptocurrencies: Why adopting Bitcoin is difficult for many countries
June was pretty significant for Bitcoin and other cryptocurrencies as two countries gave a very different perspective over this digital coin.
First, it was El Salvador which became the first country in the world to adopt Bitcoin as a legal tender. And on the other side China which carried out a massive crackdown on the digital coin and cryptocurrencies asking its financial institutions including banks and online payment firms do not provide any cryptocurrency-related services.
Many countries are still in a cliffhanger on which side they should choose concerning Bitcoin and cryptocurrencies. But, even though there have been various opinions regarding digital coins and tokens, certain features still stop cryptocurrencies from going mainstream and challenging the fiats.
1. Image marred by scams and criminal activity. 2. The technological inefficiency and the "Trilemma". 3. Scalability Issues. 4. Regulatory Clarities and Issues. 5. Lack Of Skilled Talent 6. The ESG Factor – Bitcoin and the Environmental cost 7. Cryptocurrency's volatility is vicious
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