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The chairman of International Banking Law and Finance at the University of Edinburgh, Professor Emilios Avgouleas, has said tighter crypto regulation will benefit the industry in the long run. He is optimistic about the possibility that cryptocurrencies will be widely used around the world.
Strict regulations good for the crypto industry
Professor Emilios Avgouleas explained how strong regulations are good for the crypto industry in an interview with Insider last week.
The chairman of International Banking Law and Finance at the University of Edinburgh, Professor Avgouleas is also a senior researcher at 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 finance. global economic governance ”.
Prof Avgouleas described government efforts to regulate the crypto industry should make cryptocurrencies more reputable and harder for criminals to use. While admitting that “in the short term, regulation can be a bad thing, because market prices will go down”, he believes that “at the same time, regulation will eliminate ungodly activities and make these alternative payment methods even more so. more acceptable to the general public user. The professor estimated:
In the long run, this will make the shift from government money to digital payment methods permanent.
Avgouleas also said that central banks considering issuing state-backed digital currencies, Central Bank Digital Currencies (CBDCs), should legitimize cryptocurrencies in the eyes of consumers.
More and more countries are taking cryptocurrency regulation seriously. China cracked down on bitcoin mining as well as payments. In the United States, the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, has called for increased surveillance of cryptocurrency exchanges and legislation to protect consumers. However, bitcoin and cryptocurrency are excluded from the SEC’s regulatory agenda this year.
Professor Avgouleas also said he was optimistic about the prospects for cryptocurrencies, believing that they could become widely used around the world because they are private, secure and international.
Do you agree with Professor Avgouleas? Let us know in the comments section below.
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