Pandemic has sped up cryptocurrency adoption, and SEC Chairman intends to create Nasdaq for digital currencies

Researchers: Due to the pandemic, society began to accept cryptocurrencies faster

According to the Economist Intelligence Unit, the pandemic has triggered an acceleration in the development of digital currencies by regulators. In addition, there has been an increase in attention to digital assets by ordinary people and institutions.

People are more likely to use non-cash payment methods amid increasing government attention to cryptocurrencies. For example, China is already testing the national yuan in cooperation with private companies and the public.

“Money is developing rapidly. Just a few years ago, the idea of a digital currency had little commercial support and low popularity. Over the past year, we’ve seen governments stepped up their efforts to create government-owned cryptocurrencies, ” co-author Jason Vinquinas said.

SEC Chairman intends to create Nasdaq for digital currencies

The Chairman of the SEC Gary Gensler believes that solving the issues of cryptocurrency exchanges is an important step towards protecting the interests of investors. The Chief Commissioner of the Securities and Exchange Commission is confident in the need of developing regulatory standards for crypto platforms.

Gensler believes that the owners of digital currencies are using the gaps in the current legislation for their own benefit. And creating clear regulatory rules for crypto exchanges, he said, would be a solution to the problem.

“I thought that we could, together with Congress, tackle the problem of protecting investors during their work on the platforms within the walls of which trade in goods and securities takes place,” the Chairman of the SEC said.