After dramatic price surge in almost all the cryptocoins earlier today now it has started to plummet again. This is happening due to a suggestion that has been made by the Luxembourg’s Finance Minister. Mr, Pierre Gramegna suggested European Union to define all new cryprocurrencies regulations. Due to this price of the crypto coins has started to fall and experts are saying that we might see huge blow to bitcoin price in upcoming time.
Mr, Pierre said that with bitcoin, it is too easy for criminals to launder money from people and to finish it completely it is necessary to draw new regulations. Cryptomarket has started to recover from previous bloodbath and with this news down fall in most of the cryptocurrencies started again. In an interview to Bloomberg he said “The dangers of anti-money laundering are known, there are other issues at stake.”
He added “Europe will probably handle it together because, obviously, it’s something that touches upon the single European market so it has to be done at European level.” Uncertainty and rumors from South Korea over banning of cryptocurrencies created huge fuss in the market and also made panic sell off the virtual currencies since the third week of January 2017.
He also pointed that very soon countries from around the world will start to strengthen their regulatory and implement new regulations to make sure cryptocurrencies aren’t exploited for criminal and terrorist activity.
Speaking to Bloomberg, he said: “Virtual currencies are there to stay. They bring added services, they are convenient, they are more simple and so consumers love them. I think the regulators and the countries will have to monitor it and to regulate it to a certain extent. Certainly, more than it’s the case now.”
New year kicked off with volatile start to cryptomarket however reports from Korean Government about strict actions on exchanges shook the entire virtual currency market completely. Although this proved to be wrong as South Korea president stepped in to make things clear and said that country will not ban bitcoin and other cryptocurrencies.