Bitcoin regulations update – 2020

2020 has been big for the advancement of all things crypto because of several key factors that the whole world witnessed during the year. This time will forever be marked in history as the period of Coronavirus and people will never forget the implications that were present in the whole world.

This was the harshest of times for the global economy and most of the assets were losing value. Only Bitcoin managed to become even more popular due to the fact that it has been growing in value since the beginning of the year.

Although it was way past due, finally the US government decided to fully address the issues that plagued the legal side of cryptocurrencies and it’s believed to be the start of a new era.

Crypto News in USA

The government of the United States is about to come up with the legal enforcement framework laws for any instances of Cryptocurrency use and implementation in business or everyday operations. US Attorney General William Barr states that this new Framework will aid law enforcement agencies in fighting against any type of illegal operations performed with the crypto assets.

These sets of laws and regulations were produced by the Cyber-Digital task force and it provides law enforcement with “a comprehensive overview of the emerging threats and enforcement challenges associated with the increasing prevalence and use of cryptocurrency.”

Although the Department of Justice of the US is openly advocating and supporting advancements of blockchain and cryptocurrencies, the government still needs to implement safer ways, to eliminate criminal operations using popular entities like Bitcoin and Ethereum.

49 States will have clear-cut regulations for all firms using cryptocurrencies

The great news is that the regulators of 49 States have decided on a single set of rules that will encompass all money service businesses in the US. It will be launched by the Conference of State Bank Supervisors (CSBS) and it is believed to help companies expand in America and significantly lower the compliance costs for regulators.

This new system will apply to 78 of America’s largest payment and crypto firms, with a combined +$1 Trillion per year in customer funds. Under this new set of rules, companies such as Western Union and PayPal will be able to meet all the regulatory requirements for their transactions, instead of going through dozens of regulations in individual states.

What does this mean for Bitcoin Gambling?

This is how 2020 will finish up with crypto regulatory updates as it seems, but is it good news for every user of Bitcoin? In essence, it basically is good news because although there will be some restrictions due to these regulations, this is not the main point.

From now on there will be clear rules of use in international and US Business because lots of countries model their systems according to the ones in the US.

In the coming year, we can witness even more popularization for Cryptocurrencies, which will mean more clear-cut regulations across the globe. This will drive people to use Bitcoin more and in term popularize Bitcoin Gambling even further. All developments at this point are only beneficial to the crypto enthusiasts.