Cryptocurrencies should be regulated, not banned - Former FDIC Chair Sheila Bair States
Authorities from all around the world are looking into ways to regulate the cryptocurrency market. While some think that regulating the market is mandatory, other believe that cryptocurrencies should be banned. Well, of course this last option is not something that bitcoin investors and cryptocurrency market enthusiasts would like to see.
Cryptocurrencies should be regulated, not banned
Among the people who don't think banning cryptocurrencies is a good idea is the former chair of the US Federal Deposit Insurance Corporation, who claimed that bitcoin should be regulated, but not banned. The former chair, Sheila Bair, said that a closer monitoring might also be a good idea, but a ban is definitely not something desired.
Bair talked about the status of cryptocurrencies in an interview with CNBC. She said that this market is definitely associated with a lot of risks, as some people invest in cryptocurrencies, but don't really know what they are. She said about cryptocurrencies:
“It’s something regulators need to deal with but not ban. I think some additional regulation would be good, and I argue for that. Especially on anti-money-laundering laws, where I think there are a lot of concerns over use of bitcoin or other digital currencies.”
Bair also revealed that she does not own bitcoin. However, she is currently a board member at Paxos, which is a company working in the field of blockchain technology development. Bair clarified that it can be important to regulate cryptocurrencies in order to make sure that they are not exploited for fraud or similar criminal activity. She also claimed that the climate surrounding this market should be clear for people to be able to make informed decisions to invest in cryptocurrencies.
Bair said that "we don't bank aseets"
However, Bair concluded that authorities would be making a mistake if they decide to ban cryptocurrencies, as they are in fact assets. "We don't ban assets," she said.
Reportedly, several countries around the world have proposed bans of the cryptocurrency market. South Korea, for instance, has been in the media attention for quite some time now, as the country's Minister of Justice claimed that it was considering banning cryptocurrencies. South Korea is one of the largest cryptocurrency markets in the world.
