The deVere Group Hits the Road to Lobby for Stringent Cryptocurrency Policies

Recently, the G20—the world’s 20 wealthiest nations—staged a meeting in Argentina to discuss a variety of issues of common interest to the group. Attending that meeting, or at least in proximity, was deVere Group CEO Nigel Green, who called for the group to establish “common regulations” when it came to bitcoin and other cryptocurrency.

The message itself wasn’t exactly new for Green, whose company has been working toward making cryptocurrency more accessible to the common end user for some time now thanks to its ongoing development in the field. With the G20 set to tackle cryptocurrency at the meeting, though, it’s a good time to call for common regulation.

Green called for stronger regulation in the face of “..an ever-growing number of people, firms and institutions…” making investments in cryptocurrency, a movement that was “…only likely to gain momentum as knowledge and awareness increases, and as scalability matters are being tackled to bolster the transaction processing capacity.”

Green also noted that, with such regulation in place, it would be much easier to address the common shortcomings of cryptocurrencies, including being better able to shut down money laundering, tax evasion and more thanks to “regulated exchanges” being involved in the trade of cryptocurrency. Such regulation would further serve as a morale boost to the overall market, since there would be less risk of scams and other such criminality.

In order for cryptocurrency to become a mainstream application, such regulations will ultimately be necessary to help keep a standardized playing field. What good is it for one country to heavily regulate cryptocurrency, and for another to have no regulations at all? Since cryptocurrencies are effectively an online operation, they can easily move from one place to another. Thus, only common regulation efforts will be able to keep the environment from being ultra-repressive in one place and downright Wild West elsewhere. Some might say here that excess regulation would throttle innovation and leave us with a weakened cryptocurrency concept, but with judicious regulation, this risk may be substantially reduced.

While Green’s calls for regulation are to be expected from a company that’s put so much effort into their development of late, it’s reasonable enough to call for such regulations to generally step up the pace of cryptocurrency mainstreaming.