Austria oppresses cryptocurrencies
While digital gold is steadily advancing, reaching the $ 55,000 mark, leading European countries continue to oppress the digital industry. Austria is becoming one of those states that still do not see the benefits of blockchain. The financial regulator of this wonderful country today came up with a proposal to en masse to limit digital assets. Next, we will tell you everything connected with this event, and also consider its possible consequences. So let’s get started.
What is known at the moment
First, let’s deal with the statements of the financial regulator. On the territory of Austria, as in most European countries, there is a separate commission dealing with financial issues within the state. The organization is called the “Financial Market Authority”. This is an authorized structure that is capable of independently limiting and promoting certain assets. And cryptocurrencies seem to be falling out of favor. In its latest report, the agency speaks of an uncompromising rise in digital fraud. According to representatives of the structure, the pace of development of online crime is frightening and directly based on the popularity of cryptocurrencies.
After all, in 2020 alone, approximately two-thirds of all financial fraud cases in Austria are related to digital assets. “Cryptocurrencies really pose a threat” – this is the message promoted by representatives of the state. This is why the management is going to introduce tighter controls. By massively restricting advanced coins, experts are going to stop the spread of fraud. World statistics are also provided. According to data obtained from independent analysts, the past year has allowed fraudsters from around the world to steal about $ 2 billion. And this is exclusively in cryptocurrency.
How will Austria’s position affect the world community?
Our regular readers will remember that not so long ago we wrote about the bans being introduced against cryptocurrencies in the UK. Then the representatives of the state also thought about starting a new policy regarding digital assets. And we also said that a restriction from such an advanced power would negatively impact global cryptocurrency sentiment. And so it happened. The initiative is currently being considered in Austria. And we are confident that a similar agenda is emerging in other leading states. It is possible that in the near future we will see similar statements from other countries. The disastrous example of Austria and Great Britain will definitely not go unnoticed at the global level. This is unfortunate but inevitable. So how justified is the criticism of the cryptoindustry in principle? Let’s not deny the fact that 2 billion of stolen digital funds is a lot of money.
Yes, hackers got money with cryptocurrencies. This is definitely a negative experience for the digital industry. But there are still more advantages. The amounts that were earned thanks to the Blockchain clearly exceed $ 2 billion tenfold. The digital industry still has more advantages. That is why we firmly believe that such government initiatives stem from a lack of understanding and unwillingness to adapt to modern technologies. Austria, Great Britain and other countries are simply afraid of decentralization. They are afraid of losing control over the money of their own citizens. Their fear is justified. But you can always start a soft policy, gradually integrate and modify the Blockchain in order to turn it into a convenient, understandable tool. Widespread restrictions are not an option.
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