Considerations About the Regulatory Framework of Cryptocurrency

Since their development, cryptocurrencies have influenced the economic, government and financial world both with positive and negative effects. Cryptocurrency ecosystem and its ongoing development is considered to be an alternative to the traditional centralized payment system monopolized by banking institutions. Using blockchain technology, cryptocurrency offers a decentralized and secured environment for payments without a central institution to guarantee the transactions. Because this subject is still in its beginnings the regulatory systems around the world haven’t yet developed any unanimously recognized regulations. In this paper we propose a research regarding the regulatory standings of cryptocurrency around the world. Also, we identify the positive directions of further development of this subject as well as the elements with a negative impact that is recommended to be avoided.