Fool’s Digital Gold: Crypto’s Biggest Hindrance To Attaining Mass Adoption

[cheneah]

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Unfortunately, the biggest obstacle that cryptocurrency has to overcome is as old as time itself.
“I am never going to trust in it ever again,” said Paula (not her real name), who works as a bank teller in a renowned banking institution in the Philippines. Despite her misgivings and her knowledge in the industry, Paula gave it a shot, hoping that her assumptions would be wrong.

“Now I know I was right all along; Bitcoin is nothing more than a scam.”

Unfortunately, a lot of people in developing nations have experienced being deceived by different crypto scamming schemes, and the sadder part is that some of them, like Paula, were deceived by people whom they once regarded as friends.

The Philippine Securities and Exchange Commission (SEC) released another statement on September 13, saying that it is extending the period for submission of comments on the proposed rules on initial coin offerings (ICOs) until the end of September. By this, we can assume that the long-been-awaited-for ICO and crypto exchange regulation isn’t going to be released anytime soon—at least not yet this month.

But the said regulating authority should expend as much effort as needed to craft the said law soon, since scammers are doubling down in their efforts to deceive many unsuspecting victims in many developing economies with the promise of instant riches and debt-free life.

source : https://news.ibinex.com/2018/09/17/fools-digital-gold-cryptos-biggest-hindrance-to-attaining-mass-adoption/