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So far, regulation and cryptocurrency have not made good bedfellows. There’s a very strong argument within much of the community that KYC has no place in Bitcoin. Moreover, many start-ups are often forced out of business due to the excessive demands of regulators who fail to understand the technology they’re trying to control. However, if the goal of Bitcoin is to get people to use it, most people grudgingly concede that it has to be subject to regulatory scrutiny.
Since the inception of cryptocurrency, there has been an ongoing challenge to commoditise the digital coin on a large scale and enable it to become a viable consumer currency used for daily purchases, as opposed to a fund for high risk investors. The announcement from Facebook that it is launching its own cryptocurrency, Libra, has the potential to change all of this.
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