A draft has been prepared that will be discussed among the members of a special committee designated to determining the necessary regulations for cryptocurrencies. A representative said in a statement: “We are fairly close to developing a kind of template which we think might be in the best interest of our country. We have prepared a draft which we intend to discuss with the committee members in the first week of July”. The main challenge when drafting regulations for cryptocurrencies is to get the right balance of freedom of enterprise and control over speculative and deceitful activities. A representative of the committee said that the main work regarding which sides of the new technology to regulate has already been done and the whole process should not take longer than a month to complete.
Many countries in the world are experimenting with different approaches when it comes to cryptocurrencies. As there is no precedent for a similar technology, there are no examples to follow. Consequently, countries have to come up with new regulations from scratch. With astonishing demand for the new technology, they have to do it soon not to lose entrepreneurs to other countries. In addition, they have to be careful with many speculative and deceitful activities that are often connected with cryptocurrencies. Some countries, like China, have banned most related activities while still looking into the technology scientifically, while others, like the UK, do not want to scare away the businesses with tough policies. Still others, like Canada and Singapore, are testing the blockchain technology on a much larger scale.