Regulations in the cryptocurrency space have been a much-discussed issue, with many proponents and luminaries of the industry presenting different viewpoints on the topic. In a recent interview with Bloxlive, Tone Vays and Adam Back gave their perspective on present-day cryptocurrency regulations.
Tone Vays, a famous trader and Bitcoin bull, stated that the Bitcoin protocol was not regulatable. However, from a trading perspective, the industry does need regulating, he said. Vays added,
“Bitcoin will always have 21 million blocks and that is not going to be regulated. But now that I am in the space completely, I have realized that the space cannot regulate itself at all. Stuff that can be regulated will be regulated, I am not even sure that it is bad at this point.”
According to Vays, regulation is required and the government should step in, especially if the cryptocurrency space cannot handle itself. Tone Vays had earlier commented on the regulatory bill passed by the state of Texas, calling it ‘weird’. He commented,
“This entire bill is weird actually. On one hand, you have so-called socialist states like California promoting crypto while apparent anti-socialist states like Texas are banning Bitcoin and such transactions. Weird.”
Adam Back, the Founder of Blockstream, had a similar opinion, saying that with the issues currently in the market, regulation won’t be all that bad. He went on to say that internationally, people will trade different cryptocurrencies on different exchanges. According to him, some exchanges provide a stringent framework of rules and regulations, some are agile, while others work with a transitional system. In his words,
“The Malta blockchain framework is a good model for a lot of countries to work off of. Blockstream also works with a framework that is along the same lines. In my opinion, larger countries will have a backward mindset about regulations but smaller, more agile countries will be the ones setting the parameters.”