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Governing the Digital Money

It’s hard to find someone today who doesn’t understand the significance of technology. That’s the kind of impact it has had on the masses. We haven’t just adopted a new tool in technology; we have adopted a new way of life. People living in the olden times had no option but to focus on ground efficiency for achieving better results, but now we can make defining calls right from our couch, thus reinforcing the theory of changed dynamics. What makes technology such an exciting prospect is how it opens up different possibilities out of nowhere. Even though we are the ones who created it, there is no way we can make absolute predictions about everything we can expect from a technological by-product. While this unpredictability keeps you hopeful about the future, it can also, sometimes, turn out to be the unbecoming of this ingenious creation.

Technology’s volatile nature has been the ultimate catch in the midst of its utopian reputation. If we do some nit-picking from the things around us, we would see that technology remains one of the few areas where you can do everything right and still end up failing. This, as you can guess, is because it doesn’t take a lot to change the tech landscape. It’s a part of its identity. We can certainly modify our technology, but we can’t modify its nature. Nevertheless, we are still trying to curb the risk that comes with it, if not eradicate it altogether, and we are doing it within a controversial vicinity.

Cryptocurrency, as innovative as it might have looked at first, can’t seem to catch a break. The digital currency has been caught up in one controversy or the other during the course of its existence so far, but that is about to change. The cash-to-crypto vendors have finally decided to form a Cryptocurrency Compliance Cooperative (CCC). One of the core purposes of CCC would be to weave a safer trading environment for the owners of digital currency. Apart from that, the cooperation wishes to do away with allegations of non-compliance by setting up strict standards that must be maintained under all circumstances.

CCC has invited organizations like MSBs, regulatory bodies, financial institutions, suppliers, non-governmental, and law enforcement agencies to be a part of the cooperative. The idea is to work in collaboration and gain awareness on how to enforce more robust compliance protocols.

As the industry gears up for a much more scrutinized setup, Seth Sattler, the Director of Compliance at DigitalMint (one of the founders members of CCC), imparted his view of the cooperative in the following way:

“We must do better,” said Mr. Sattler. “This isn’t just an industry group – this is a movement.  It’s our hope that others heed our call and join this cooperative as we push for enhanced and modernized regulations in the best interest of public safety.”

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