While there are many benefits to the use of cryptocurrency, there is also much skepticism from the general public

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While there are many benefits to the use of cryptocurrency, there is also much skepticism from the general public.  Much of this concern centers around legal protection associated with transactions. Search the Internet and outline what legal protections exist for Bitcoin users in the US and other countries.

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Regarding exchange, the exchange regulations of Cryptocurrency are also regarded as an uncertain legal territory. Only one regulatory body, Security and Exchange Commission (SEC), considers Cryptocurrency as a security measure. In March 2018, it declared that it would apply security law for digital wallets and exchanges. In contrast, the Commodities Future Trading Commission (CFTC) follows a friendly approach for bitcoin traders as it allows traders to trade publicly (Oni, 2021).

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They also argue that its employments contributes to a shift towards a decentralized global economy. In Europe, the European Union (E.U.) states have adopted laws that fight money laundering and terrorist funding, requiring E.U. nations to establish a centralized databank with bitcoin users’ identities and wallet addresses to increase bitcoin utilization transparency (Insider, 2021). Germany, Finland, France, Netherlands, and Austria have been on the frontline to achieve this aspect by introducing this directive into law with all the necessary controls.