top-crypto-news.org
No Result
View All Result
  • Home
  • Bitcoin
  • NFT
  • DeFi
Bitcoin ticker
Bitcoin
$30297
BTC
Ethereum ticker
Ethereum
$2023.45
ETH
BNB ticker
BNB
$307.12
BNB
Cardano ticker
Cardano
$0.538677
ADA
Solana ticker
Solana
$53.15
SOL
Bitcoin ticker
Bitcoin
$30297
BTC
1273.02
Ethereum ticker
Ethereum
$2023.45
ETH
61.96
BNB ticker
BNB
$307.12
BNB
15.
Cardano ticker
Cardano
$0.538677
ADA
0.013
Solana ticker
Solana
$53.15
SOL
2.35
  • Home
  • Bitcoin
  • NFT
  • DeFi
No Result
View All Result
top-crypto-news.org
No Result
View All Result
top-crypto-news Regulation

“It will be very difficult for the U.S. to properly regulate cryptocurrencies”, says Charles Hoskinson

Alex Coin
April 30, 2022
Reading Time: 3 mins read
0

According to Hoskinson, the classifications used by the U.S. to pigeonhole each cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. make it very difficult to think of a possible regulation for the common digital assets.

RELATED POSTS

Meta files trademark application for ‘Meta Pay’, a possible cryptocurrency payment platform

Regulador en California contempla revocar prohibición a donativos cripto para financiar campañas políticas

U.S. Treasury Secretary Janet Yellen says UST and USDT declines are not a risk to the country

***

The CEO of IOHK / IOG and principal developer of Cardano, Charles Hoskinson, pointed out this week that the regulatory system in the U.S. is ill-equipped to handle the revolutionary nature of cryptocurrencies, so they would not be prepared to effectively regulate the large number of cryptoassets that exist to date.

The difficulties of regulating cryptocurrencies in the U.S.

Hoskinson’s remarks came during his telephone interview for the Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets and Cryptocurrencies Summit organized by the media Financial Times where the main figure behind Cardano highlighted the difficulties faced by regulatory agencies in the US, especially in light of the boom in these assets in both domestic and international markets.

In this regard, Hoskinson pointed out that in the U.S. regulations go by categories, as some apply to securities, others to commodities and the remaining one points to things that can be considered currencies. It is from this point where regulators begin to build the evaluation for each case, but it can happen that many cryptocurrencies contemplate two or more of these categories from its premise and usability.

In this regard, Hoskinson highlighted the case of Bitcoin, which can be considered a currency currency is a medium of exchange that defines value. because it is already formally a currency in El Salvador, or it can be considered a commodity like gold. Here the difficulty a measure of how hard it is to validate a new block on a blockchain. for regulators lies in properly categorizing the asset, and consequently determining the legal treatment that would apply to the cryptocurrency, taking due care that all the guidelines really apply to all the generality of things that can be done with the digital currency.

The potential of Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. and smart contracts

Regulatory issues aside, Hoskinson made a few mentions of the potential for Blockchain and smart contracts citing some use cases that could benefit from these technologies.

Among those mentioned, the executive behind Cardano highlighted ESG standards, which are used by the world’s most prominent centralized a centralized organizational structure is one in which a single node or a small number of them are in control of an entire network. entities to establish criteria for the environmental friendliness of project operations. Here Hoskinson pointed out that definitions are left to the discretion of the responsible bodies, so they can be lax and biased depending on who they apply to and in what jurisdiction.

In this regard, he stressed that Blockchain and smart contracts could serve to create new standards that standardize definitions, procedures and compliance rules, all in a totally reliable and transparent way. In this way, the real problems associated with global warming and climate change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. could be addressed.

On the other hand, he also stressed that business processes could be much more reliable if they were backed up by Blockchain and digital currencies, as this would make them much more reliable and would not require the intermediation of trusted third parties. In that sense, he backed up his argument by quoting Bitcoin, whose most emblematic use case was the fact that it made it possible to exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. value between peers without any kind of manipulation by external entities.

Smart contracts are the application of the sense of decentralization the handover of control from a central authority to several different custodians. and immutability beyond cryptocurrencies, because the systems that implement them are not subject to political conditions, outside interests or extraordinary conditions, they are lines of code that are executed automatically when the originally established conditions are met.

And finally, Hoskinson closed with this idea:

“[Blockchain] is not influenced by the politics of the day or the geopolitics of larger nations over smaller ones…it doesn’t care who you are or where you are…the code the action of coding is to write programming statements for a program. simply does the work.”


  • Charles Hoskinson gives details about new update for Cardano and proposes to Elon Musk to create a decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. Twitter
  • In response to rumors about his college degrees, Cardano’s Charles Hoskinson clarifies: “Yes, I am a dropout.
  • Cardano increases its block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. size by 10% after last update

Source: Decrypt

Version by Angel Di Matteo / DiarioBitcoin

Imagen de Unsplash

ShareTweetPin

Alex Coin

Cryptoinvestor. I follow the world of cryptocurrencies. Looking for the most relevant and significant news for you :)

Related Posts

meta unsplash canva
Companies

Meta files trademark application for ‘Meta Pay’, a possible cryptocurrency payment platform

May 19, 2022
bitcoin pago
California

Regulador en California contempla revocar prohibición a donativos cripto para financiar campañas políticas

May 17, 2022
Regulation

U.S. Treasury Secretary Janet Yellen says UST and USDT declines are not a risk to the country

May 13, 2022
alemania-unsplash
Cryptocurrencies

Germany decrees BTC and ETH sales tax-free after holding assets in escrow for one year

May 12, 2022
united kingdom
Regulation

Queen Elizabeth’s speech reflects increased regulatory interest in cryptocurrencies in UK this year

May 12, 2022
effort-unsplash
Bitcoin

Bitcoin struggles to stay above USD $30,000 as U.S. inflation hits 8.3%

May 12, 2022
Next Post
bitcoin-unsplash

Swiss National Bank says it has no plans to invest in Bitcoin as a reserve currency

Markets in the red! Bitcoin and major altcoins are down for April 29th

Bitcoin news

bitcoin 2022

Bitwise CIO says he’s not “so sure” that Bitcoin will reach USD $100,000 in 2021, but will by 2022

December 7, 2021
inflacion-unsplash

U.S. inflation rate highest in 39 years, crypto market jumps modestly

December 10, 2021
bitcoin oro

El Salvador’s President answers Peter Schiff on what would happen if he had exchanged gold reserves for Bitcoin

December 6, 2021
top-crypto-news.org

Recent Posts

  • Universal Music Group lanzará NFT en Algorand Marketplace de LimeWire
  • Binance is actively seeking regulatory approval in Germany
  • Australian Tax Office to focus on cryptocurrency profits

© 2021 top-crypto-news.org

No Result
View All Result
  • Home

© 2021 top-crypto-news.org