It seems that regulating Bitcoin has become an ‘arduous’ task, that is true at least according to a report published by the private intelligence company Stratfor. Stratfor is a company who provide geopolitical intelligence to individuals as well as organisations across the world. Stratfor’s publication is called ‘The Arduous Task of Regulating Bitcoin’ and is available for download here . They forecast that the regulatory uncertainty will continue to act as a deterrent in the wider adoption of cryptocurrencies. Why Cryptocurrencies will not become a dominant force In its analysis of the present situation, Stratfor thinks that while the technology behind cryptocurrencies will have a ‘greater’ impact, cryptocurrencies themselves will face some issues in being widely adopted. Stratfor forecasts: “Regulatory uncertainty will continue to inhibit the widespread adoption of cryptocurrencies.Though the U.S. federal government has made progress in regulating cryptocurrencies, uncertainty and ambiguity at the state level will be more difficult to overcome. Blockchain, the technology underpinning cryptocurrencies, will have a greater impact than the cryptocurrencies derived from it.” Fear of the unknown What exactly cryptocurrencies are seems to be the biggest issue when it comes to the future of Bitcoin and other forms of digital money out there. This is a question we have addressed in a recent article in C ointelegraph as well. Stratfor has taken a similar line of thinking and says in the report: “Individuals and businesses must inevitably wait for laws to be figured out and enacted before new technologies can be fully utilized. This has been particularly true of cryptocurrencies — most notably Bitcoin and financial technologies — which have been hindered by a lack of regulation and an abundance of confusion.” The status of current cryptocurrency users Stratfor says in the report that the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) […]
