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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 outright bans, although there are, as yet, little to no clear-cut regulations for the industry.

“I had hoped that there would be some clear, simple rules and we could then get on with it”, Draper said. “But I guess there are a lot of old-school banking lobbyists trying to cling to the status quo. Years from now, governments will be judged by how well they manage this transition from fiat to crypto.”

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