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Bitcoin-price BOOST: One key change could be SOLUTION to major regulatory problems

Bitcoin news: Financial regulators are yet to find the best way to oversee bitcoin transactions
BITCOIN’S challenges around lack of regulation and legitimacy could be solved if it is traded in a similar way to gold and other precious metals, according to a major European digital currency exchange.
By MATT DRAKE
PUBLISHED: 03:19, Wed, Mar 14, 2018
UPDATED: 03:39, Wed, Mar 14, 2018

Financial regulators are yet to find the best way to oversee bitcoin transactions.
One of the suggestions is to use similar rules as with precious metals trading, which require bitcoin traders and counterparties to report transactions above €10,000 (£8,868) to the financial intelligence unit.
Austria-based Bitpanda GmbH co-CEO Eric Demuth said: “Regulation provides us with more legitimacy.
“We’ve wanted to be regulated, but so far have been told that we cannot be.”
Bitcoin exchanges seem to support the idea with Bitpanda working to establish even closer ties with the Government to improve transparency and credibility of bitcoin trading.
Bitpanda wants to see “regulation come from the EU level,” according to the other co-CEO Paul Klanschek.

Bitcoin exchanges like Bitpanda are trying to come up with their own rules to boost credibility.
But the big worry with digital currencies is money laundering, according to Austrian Finance Minister Hartwig Loeger.
He said: “Cryptocurrencies are significantly gaining importance in the fight against money laundering and terrorism financing.
“That’s an important aspect for the changes we support. We need more trust and more security.”
In Australia, the Perth Mint have said they are hoping to capitalise on the rise the trading of digital currencies as a way to help increase interest in investing in Australia.

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, Ripple, and Ethereum all seeing surges but the entire market remains extremely volatile and investing is not advised.
Richard Hayes, Chief Executive of Perth Mint said: “I think as the world moves through times of increasing uncertainty, you’re seeing people look for alternate offerings.
“And you’re seeing this massive flow of funds into the likes of Bitcoin at the moment because people are looking for something outside of the traditional investments.”
He added that the proposed online money would “bring investors back to precious metals after a boom in alternative investments such as cryptocurrencies.”
Bitcoin was the original virtual currency and since it first mined in 2009, has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December.

However, the value of bitcoin has plunged since then and last week saw its value drop to just £8,300.
Mr Hayes argued the decision of the mint to develop a gold-backed currency, similar to how physical currencies have previously been linked in the past, would help bring greater price stability to those investing in the digital money.
He claimed his plans would mean people could trust that the cryptocurrency was actually worth a physical amount.
He said: “With a crypto-gold or a crypto-precious metals offering, what you will see is that gold is actually backing it.
“So it will have all the benefits of something that is on a distributed ledger that settles very, very quickly, that is easy to trade, but is actually backed by precious metals, so there is actually something behind it, something backing it.”
$KCPC = Gold-Backed-Crypto
https://goldcrypto.io/team/


https://www.express.co.uk/finance/city/931422/bitcoin-news-bitcoin-latest-bitcoin-regulation-cryptocurrency-news-gold-ripple-ethereum/amp