Michael Bloomberg’s cryptocurrency plans are putting him on the right side of history.

The presidential candidate has put forward a regulatory framework for cryptocurrencies within a new financial regulation plan which states: “Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped.”

Up to now, Bloomberg is the only presidential hopeful to have formulated a coherent cryptocurrency plan, which is pretty astounding.

The lightning speed of digitalisation within our economies, as well as our personal and professional lives, underscores that there will be a burgeoning demand for digital, global, borderless money. There has to be.

Indeed, digital currencies are now almost globally recognised as the future of money.

This is the reason why the majority of central banks across the globe – Federal Reserve included – major financial institutions, technology titans and multinationals are all getting behind crypto.

Therefore, this upbeat, proactive stance by Bloomberg, which could be step one towards the introduction of regulations to protect consumers and avert illegal activity, must be advocated.

I have been backing crypto regulation for a long time now. Digital currencies are already becoming ever more mainstream, meaning they should comply with the same rigorous standards as the rest of the financial system.

Regulation is essential. It will provide additional protection for the increasing number of people utilising cryptocurrencies, make it less likely for criminals to use digital payment methods, risks of disruption to global financial stability will be reduced and there will be increased opportunities for elevated economic growth and activity within the countries that adopt it.

Looking back to last year when U.S. President Trump tweeted: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”

Does Trump honestly believe traditional, fiat currencies are the future? Cryptocurrencies are redefining and reshaping the entire global financial system. As such, the President of the world’s largest economy needs to make sure they are on the right side of history on this vital matter.

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