Why is there a need to make Cryptocurrency a well-organized and regulated platform?
Probably, the most vivid argument that lets cryptocurrency stand apart from other financial markets is its opacity and lack of regulation. As opacity has been an instrument in the promotion and success of Cryptocurrency and tagging it as one of the world’s fastest-growing industries, it is now perceived as the reason for holding back its growth as accountability is what people seek before investing in any policy.
Therefore, anonymity in this highly private market also loses some genuine investors being hard for them to be confident of the idea of investing in any company which is not centralized. In fact, the inflammation and defamation in the companies are not just backed up by anything but some false information from crypto news outlets.
Lack of transparency and excess privacy in this market leads to ignorance of some potential projects leaving them unnoticed as well as flawed for no transparent publishing practices which might even lead to people attacking each other.
By growing clarity in the crypto world, entrepreneurs, non-crypto companies and startups will be considerably more intrigue and inclined towards it. Certainly, we will be able to approach businesses of all sizes. It is hence, important to keep regulatory checks so as to attract more investments into the crypto market. Many countries have drawn their attention in administering crypto-currency itself but not the businesses associated with it.
Now comes a pioneer that tried bringing change in the crypto world; Karatgold.
Karatgold Coin is committed to a regulated crypto market. Senator Herald Seiz was the founder of Karatgold coin and had the vision to link cryptocurrency with the traditional financial industries by backing up the companies with gold as payment means and store value.
Afterward, Karatbars has launched gold linked coins plenty of other commodities and has been successful catching the attention of around seven lakhs fifty thousand people in one fifty countries.
However, amidst Karatbars’ success, it also has shared its part with various attacks where an abundance of contradictions was published across various form of media which had to be faced by them, spreading false information, negative accusations and spreading misinformation keeping the failure and damage of the company as a motive.
Now, the question here lies is, ‘but who after all intends to campaign against the company?’ ‘Any-one’. Anyone would try to scorch out the company like that but its more obvious to suspect a candidate to be a person who is scorned out of the company or the competitors in the market. Karat-bars has recently released a statement of the suspects on their websites, though.
Even a claim was made on CoinDesk’s surface through an article posted on the 4th of October 2019 that says Karatbars is being investigated by Florida regulators. The author of the article continues with allegations about Karatbars not responding to CoinDesk’s request to comment and that CoinDesk will update soon once they hear from Karatbars (“we will update the article if we hear back”). On the contrary, Karatbars never received any mail or means of conversation from CoinDesk requesting and seeking for comment and thus was unable to respond to the accusations made by the author while publishing on CoinDesk.
Mentioned by Anna Krimshtein, head at Karatbars’ legal department in Florida, in a recent letter to CoinDesk:
“[…] neither Karat Coins nor Karatbars International is under investigation of the Office of Financial Regulation and there are no judgments pending or issued against either of the two entities”
Additionally, the article talks about Quebec’s Financial Markets Regulators who circulated a warning against the investors in 2014 and that led to a dispute in Canada from the year 2014 to the year 2016. Little did he bother to mention that the dispute ended in favor of Karatbars and it is still making money quite well there.
Another extensive question imposed here is of a Goldmine which the author states is not real de-spite of the transparency that the company provides while it can be found on the Karatgold website in the download section.
One more fact is that KaratGold and KaratBars are two different companies dealing in different products, Karatbars International is registered in Germany and Karat Gold Cooperation PTE. LTD is registered in Singapore.
Fake news is damaging the Blockchain project especially when it comes from reputed media portal and that also without any proof.
Karatgold Support regulation in the cryptocurrency
The benefit of enabling regulation in cryptocurrency is the end of scam projects, Ponzi schemes and the nefarious and notorious individuals who raised and produced negative connotations be-tween cryptocurrency and thefts without the fear of prosecution which was due to the flawed or lack regulations.
Hence, a more inclusive set of regulations also results in improved transparency from significant parties as then, these parties will be held responsible if in any case there is a fall off of the regulations. And furthermore, some of its transparency will certainly be better for the Cryptocurrency news sector in directing the industry to a more mainstream audience.
This is the reason why a change is welcomed with applause over the numerous countries and is considered to be a turning point for the crypto world, in a suit of ETFs, known as Exchange Trad-ing Funds which is a form of regulated cryptocurrency.
Now that the public has been provided with the regulated security investment which also tracks the value of Bitcoin, investors are much more likely to invest any time soon in a heightened number worth noticing.