Cryptocurrencies can Soon Face a “Crackdown”, says Kraken CEO

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Russia Registers Atomyze
Russia Registers Atomyze

In recent months, Bitcoin (BTC) has been raising an alarm across the globe after its market capitalization surpassed the biggest companies in the world. A CEO of a well-established crypto exchange platform has warned that this can lead to a “crackdown” on cryptocurrencies.

Bitcoin is a decentralized currency that rose to fame in recent years. It surged to its all-time high levels amid the covid-19 pandemic. Several traders believed that the digital token can be used as a hedge against inflation. This was due to the stocks plummeting and fiat currency losing its value during to the Covid-19 pandemic. 

However, major financial institutions and companies started endorsing Bitcoin and other digital currencies, driving its price to $60,000 as of this writing. Consequently, international watchdogs have become more anxious about the dangers that cryptocurrencies can cause. 

For instance, U.S. Treasury Secretary Janet Yellen said that Bitcoin is used by criminals and warned that the digital token is being unethically used for money laundering and paying for illegal goods on the deep web. On the other hand, European Central Bank President Christine Lagarde argued that Bitcoin is being used for terrorist financing.