Can Cryptocurrencies Become Fully Regulated?

Cryptocurrencies are digital means of exchange, goods and services through electronic transactions without having an intermediary, in this way, Bitcoin was the first to appear for the year 2009, followed by a number of these. Being their main characteristic that they are decentralized, that is to say that no State, bank or financial institution can control them, at the same time, they are anonymous preserving the identity of the investor and they do not use intermediaries because they are carried out from person to person.

In this sense, being its decentralized nature and the immense boom that it has had lately, in which not only has its value grown vertiginously due to the use that they give to them for different financial operations, but; because many organizations have assumed that it is a fast, flexible and timely way to carry out various transactions in real time, which favors the efficient attention they give their clients, which has generated several countries to begin to create mechanisms to achieve regulation of the same ones, alleging that it is necessary to create a regulation to carry out the transactions of the cryptocurrencies, because through them criminal or somewhat illegal actions can be carried out.

Some examples of this are the remarks made by Matthew Leising of Bloomberg, when he warns that the Commodity Futures Trading Commission (CFTC) issued bids to Bitfinex, (One of the largest cryptocurrency exchanges, which regularly processes more than $1 billion. in volume of operations per day) and Tether (Issuer of USDT, a so-called stable currency linked to the US dollar and backed by real assets stored in bank accounts of the company).

For his part, SEC Chairman Jay Clayton and the president of the Commodities Trade Commission, Christopher Giancarlo, point out that they will vigorously persecute those who seek to evade the registration, disclosure and anti-fraud requirements of the securities laws. In the same way, the European Union has begun to seriously project the regulation of cryptocurrencies, according to the European Union Directive on the Prevention of Money Laundering, it has included cryptocurrencies within its money laundering regulations.

For its part, Mexico created a draft known as the Fintech Law (Financial Technology Law), prepared by the National Banking Securities Commission (CNBV), the Ministry of Finance (SHCP) and the Bank of Mexico, in order to prohibit certain activities that may be fraudulent, taking into account the scenario in which these types of systems are moved.

In the same vein, the director of the International Monetary Fund (IMF), Christine Lagarde, said that "the regulation of cryptocurrencies is inevitable and that it is only a matter of time before they enter under government supervision." In turn, Benoit Coeuré, of the Executive Committee of the ECB, highlighted the need to place the regulation of cryptocurrencies and specifically Bitcoin as the main theme of the G20 Agenda next March.

Similarly, the president of the National Securities Market Commission (CNMV), Sebastián Albella, is reflecting on the need to regulate cryptocurrencies and their related products, ensuring with the Bank of Spain that they had begun to work with the objective to offer a regulatory framework to this world of cryptocurrency.

In the same order of ideas, the president of the Central Bank of Germany, the Bundesbank, Jens Weidmann, advocated to regulate on a global scale cryptocurrencies such as bitcoin. Similarly, Japan has developed actions for the regulation of transactions with cryptoactives, noting that the government's Financial Services Agency will move to exercise a supervisory role over the exchange houses that operate in the Japanese nation.

All this leads to think that various countries are beginning to see the need to regulate the transactions that are made through cryptocurrencies, which goes against the genesis of their nature: Decentralization, an aspect that must be overcome by the cryptocurrencies here in ahead.