The transition from fiat to cryptocurrencies is inevitable, and governments adopting a hostile stance towards crypto will be judged in the future for their harsh reactions to these changes, according to pro-Bitcoin venture capitalist Tim Draper.
In an interview with Forbes, Draper (a long-time proponent of cryptocurrencies) admitted that he “did not anticipate that the regulators would put a dark cloud over all this innovation”.
Cryptocurrencies, owing to the numerous challenges they pose (among these anonymity, lack of regulation and legal frameworks for consumer protection, extreme volatility, and susceptibility to usage for illicit activities such as money laundering and tax evasion) have put governments and regulators worldwide on high alert, with countries such as the United States, India and China moving to implement restrictions, strict checks, and even outrig...
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