Law Decoded: Looking ahead to 2022, Jan. 3–10

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As Alex Tapscott said, 2021 was the year when many governments and legislators finally began to realize the transformative potential of blockchain technology. In fact, the global popularization of cryptocurrencies and their growing market value have made it difficult to ignore them by power agents and have made them an important economic, social and political issue in many major jurisdictions. Apparently we are facing a busy year with regulation and policy development in relation to cryptocurrencies.

Stablecoins, an asset class that has attracted significant regulatory interest in 2021, will certainly remain a hot spot this year. For most countries, fixed-value cryptocurrencies will compete with their superior digital currencies. For the United States, the main question is whether Congress will push the stablecoin bill called for by the president’s Task Force on Financial Markets.

It will also be interesting to see how far political mobilization and lobbying in the crypto industry can go this year – which has become a prominent feature of the cryptopolitical landscape in 2021. The main test of the sector’s new political influence will be the fight to change the provisions of the recently adopted the infrastructure bill related to cryptocurrencies.

Several industry experts asked by Cointelegraph expect significant changes in EU policy in 2022. The European Commission is currently considering proposed markets for regulating cryptocurrencies, a broad framework that focuses primarily on reducing the risk of financial stability and consumer stability associated with the introduction of digital assets. . Combined with ongoing digital trials in Europe, this suggests that the EU may soon clarify its position on the various interconnected parts of the digital asset ecosystem – central banks’ digital currencies, private stack coins and decentralized cryptocurrencies – in a more specific way.

El Salvador is of the opinion elsewhere in the world that everything is contained in bitcoins (BTC) as a nation state. One of the many controversial issues surrounding this major experiment was and will remain the dispute between the Central American country and global financial institutions such as the International Monetary Fund. Speaking of global observers, it is reasonable to expect that these managers of the current financial system will begin to dive deeper into certain sectors of the cryptocurrency, such as the Bank for International Settlements’ recent attempts at decentralized finance. It is to be hoped that the resulting warning story will not become the dominant approach of global regulators to the vast DeFi field.

The first days of 2022 also provided a reminder that regulatory clarity is not the only way politics can significantly affect the crypto area. After several days of civil unrest in Kazakhstan – the country that has risen to second place in the world ranking of bitcoin hash rates following the mining ban in China – the government’s decision to restrict internet access for all residents has led to a unique fall in hash rates. Bitcoin network. The Bitcoin mining geopolitics, which came into force last year with China’s sudden departure, appears to be continuing on a volatile path.

All in all, this year promises to be a roller coaster of Bitcoin policies, cryptocurrency regulation and the adoption of digital currency. Let’s get excited and see what 2022 has in store for you.

Source: CoinTelegraph

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