New Cryptocurrency Laws Are Expected to be Introduced for Official Consideration to the Russia's National Legislature on Dec. 2
https://www.coindesk.com/official-russia-to-introduce-cryptocurrency-regulation-bill-next-week/
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Do you think someday physical money will cease to exist or be needed?
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Simply, but not suddenly. The structure and support surrounding current tangible currencies are backed by so much more security that its almost hard to imagine it's extinction. Even though, I foresee multitudes of possibilities for cryptocurrencies that it may affect value of physical money. The aesthetics of physical money is appealing--especially to individuals uncomfortable and unfamiliar to modern forms of currency. That being said, until the majority becomes more aware of cryptocurrency's abilities/possibilities, don't throw your bi-fold wallets just yet. Cash isn't going away anytime soon.
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Cryptos are a direct threat to the existing fiat system. The question is can government regulations stop the proliferation of cryptos.
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The value of fiat money is derived from the relationship between supply and demand. Beyond the difficulties presented by the decentralization of bitcoin itself, governments and regulatory bodies have shown they lack understanding of technological topics. But, some countries have stepped up by banning the use of bitcoin. As of now the U.S. has made localized attempts to regulate specific aspects of bitcoin. I think in NY businesses requires a BitLicense for bitcoin related activities. Keep in mind if you're familiar with the history of cryptocurrency its pioneering activities were involved with black markets. Most countries disfavor any low -regulated business especially when now that bitcoin’s value has spiked to unprecedented new heights, there are greater discussion than ever from governments around the world.
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