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The governor of the Riksbank stated that Bitcoin will face stricter regulation given its continued growth in absolute popularity. “When things get big enough, things like consumer interests and money laundering come into play,” said Stefan Ingves, governor of the Riksbank.
According to Bloomberg News, Riksbank Governor Stefan Ingves said on Monday that Bitcoin and other cryptocurrencies are very popular and they are unlikely to escape regulation.
Although regulators have expressed concerns about Bitcoin and other cryptocurrencies, they continue to be welcomed. They attracted the largest financial institutions to enter the field, including major investment banks Goldman Sachs and Morgan Stanley, which now provide crypto investments to their clients. More and more companies now accept Bitcoin payments, provide encryption-related services, and include BTC on their balance sheets. Goldman Sachs recently stated that Bitcoin has become a new asset class and sees huge institutional demand for cryptocurrencies. The market value of Bitcoin recently surpassed a trillion U.S. dollars.
Governor Ingves believes:
When things get big enough, things like consumer benefits and money laundering come into play.So there are good reasons to believe [regulation] will happen.
Swedish Financial Market Minister Asa Lindhagen revealed that the government has been working hard to tighten the standards for cryptocurrency exchanges. However, she pointed out that this is “work in progress at the international level” and pointed out that cross-border cooperation with other governments is necessary to address the money laundering risks involving cryptocurrencies.
Riksbank Deputy Governor Per Jansson expressed concern on Tuesday that the prices of Bitcoin and other cryptocurrencies continue to fluctuate excessively. They “have nothing concrete or substantive” to support their actual value.
What do you think of the comments made by the governor of the Riksbank? Let us know in the comments section below.
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