Bitcoin Dropping in Response to Calls for Tighter Global Regulations https://www.pierrevannineuse.com/bitcoin-price-dropping/

1. Bitcoin Price Dropping
Jan 29, 2019 | Bitcoin, Investment
Bitcoin Dropping in Response to Calls
for Tighter Global Regulations
Bitcoin and other major digital coin prices su ered a drop in value this last Monday on
the release of the news that the Organization for Economic Cooperation and
Development (OECD) said initial coin o erings (ICOs) need to be better regulated
worldwide. The Organisation for Economic Cooperation and Development (OECD) has
stated that global regulators should work together to facilitate the development of
initial coin o erings (ICOs) and ensure an adherence to common standards, according
to a report released Jan. 15.
The OECD is an organization that describes itself as an “economic counterpart to
NATO,” with a mission to “help governments achieve sustainable economic growth and
employment and rising standards of living.”
Immediately following the release of the report from the OECD Bitcoin lost 4.24% to
$3,538.5 by 12:35 Monday AM ET (05:35GMT). At the same time, Ethereum slid 5.51% to
$116.48, XRP was down 3.87% to $0.31656, and Litecoin traded 6.19% lower to $30.718.
Reports over the weekend said the OECD called on global regulators to jointly come up
with regulatory clarity and a supervisory framework for ICOs. It said moves towards
tighter regulation were “a stepping stone to their safer use for nancing purposes.” The
UU aa

2. report also underlines the importance of standardized disclosure requirements,
enhanced investor protection Anti-Money Laundering (AML) and Counter Terrorist
Financing (CTF) measures.
A separate document (also available at the source link below) that is solely dedicated to
the highlights of the report, thus making it easier to read and digest, states: “A delicate
balance will need to be achieved in the development or application of regulatory and
supervisory requirements which do not deprive the ICO mechanism of its speed and
cost bene ts, particularly when it comes to smaller size o erings.”
The same document also states that given the global nature of ICOs, there is a need for
international cooperation to prevent regulatory arbitrage. According to the text, such
collaboration will “allow ICOs to deliver their potential for the nancing of blockchain-
based SMEs [small and medium enterprises], while adequately protecting investors.” –
Source
In the past, the OECD has shown interest in leveraging blockchain technology and
promoting a broader use of the technology and its capabilities. Last year, it said
cryptocurrencies could pose risks to the gains made on tax transparency and it’s
believed this criticism stems from its overall criticism of Bitcoin as a whole.
Overall, OECD has widely been considered to be cautiously enthusiastic about
blockchain technology but has focused in a positive fashion on the use of blockchain
tech in government activities and public initiatives, as well as the high potential for
regulatory aspects of the technology to become more widely used.
The organization has on the other hand been reportedly less supportive of blockchain-
based currencies — such as Bitcoin (BTC) — that potentially bypass central banks’
authority.
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