Professor Emilios Avgouleas, the chair of International Banking Law and Finance at the University of Edinburgh, believes that tougher crypto regulation will benefit the business in the long run. He believes that cryptocurrencies will become more widely used around the world.
Tighter regulation is beneficial to the cryptocurrency industry.
In a recent interview with the Insider, Professor Emilios Avgouleas discussed how strong laws benefit the crypto business.
Professor Avgouleas is the chairman of the University of Edinburgh’s International Banking Law and Finance department, as well as a senior research fellow at the crypto technology firm IOHK. He is a “leading international authority on financial reform, fintech policy and regulation, banking theory and regulation, capital markets regulation, law and finance, and global economic governance,” according to the institution.
Government initiatives to regulate the crypto business, according to Professor Avgouleas, should make cryptocurrencies more credible and difficult for criminals to utilise. While he admits that “regulation may be a bad thing in the short run since market prices will go down,” he believes that “at the same time regulation will weed out unholy behaviour and will make these alternative forms of payment even more acceptable for the average consumer.”
Central banks examining the issue of state-backed digital currencies, known as central bank digital currencies (CBDCs), should legitimate cryptocurrencies in the eyes of consumers, according to Avgouleas.
Cryptocurrency regulation is becoming more serious in a growing number of countries. The Chinese government has been tightening down on bitcoin mining and payments. Gary Gensler, the head of the Securities and Exchange Commission (SEC), has called for stronger oversight of cryptocurrency exchanges as well as legislation to safeguard consumers in the United States. Bitcoin and cryptocurrencies, on the other hand, are not on the SEC’s regulation agenda this year.
Professor Avgouleas is equally optimistic about the future of cryptocurrencies, thinking that because they are private, secure, and international, they could become widely used around the world.