This has put most countries in a sort of competition where they want to make the first move to shift their financial systems into digital domains while also keeping a close eye on the pros and cons of these digital currencies, prompting the regulators to dive fully into these assets. Similarly, other countries also believe that bringing in a currency that has a system of its own might disrupt their existing financial systems and open them to threats of terror financing, money laundering, and other illicit activities. Countries like China are making their own financial system digitally but they are still not welcoming of Bitcoin. Resultantly, regulatory authorities are working on making policies and regulations to contain any potential threat of illicit activities that can happen.Īll this talk about regulations and digital fiats have taken the attention of people away from bitcoin, ETFs and other previously talked about topics in the crypto space. Countries are educating themselves on the use cases presented by crypto and how their financial systems can benefit from these currencies. China, Bahamas, and others are entering the digitized domain by bringing in their fiat-backed digital currencies to make digital and cashless financial systems. Not only big names of the industry but countries as a whole are working on making their own currencies. Big names like Facebook and Telegram have publicized their projects and are set for their launches soon. The increase in prices not only garnered the attention of retail investors, but startups also saw the opportunity for their launches.
The crypto space has expanded quite a lot ever since the bear market ended.
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