The chairman of International Banking Law and Finance at the University of Edinburgh, Professor Emilios Avgouleas, says tighter crypto regulation will benefit the industry in the long run. He is optimistic about the prospect that cryptocurrencies will be widely used around the world.
Tight regulation good for the crypto industry
Professor Emilios Avgouleas spoke in an interview with the Insider last week about how strict regulations are beneficial to the crypto industry.
The Chair of International Banking Law and Finance at the University of Edinburgh, Professor Avgouleas, is also a Senior Research Fellow at the crypto technology company IOHK. According to the university, he is “a leading international expert on financial reform, fintech policy and regulation, banking theory and regulation, capital market regulation, law and finance, and global economic policy”.
Professor Avgouleas described that government efforts to regulate the crypto industry should make cryptocurrencies more legitimate and more difficult for criminals to use. “In the short term, regulation can be bad because market prices are falling,” he admits, “at the same time, regulation will eradicate unholy activities and make these alternative means of payment even more acceptable to mainstream users.” The professor said:
In the long term, it will make the shift away from state funds to digital means of payment permanent.
Avgouleas also said that central banks investigating the issuance of government-backed digital currencies, Central Bank Digital Currencies (CBDCs), should legitimize cryptocurrencies in the eyes of consumers.
More and more countries are taking the regulation of cryptocurrencies more seriously. China has cracked down on both bitcoin mining and payments. In the US, the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, is calling for increased oversight over cryptocurrency exchanges and consumer protection legislation. However, bitcoin and cryptocurrency will be exempted from the SEC’s regulatory agenda this year.
Professor Avgouleas also said that he is optimistic about the prospects of cryptocurrencies and believes that they could be widely used around the world as they are private, secure and international.
Do you agree with Professor Avgouleas? Let us know in the comment section below.
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