There have been demands for a very well-defined set of frameworks or rules and regulations which will define completely how the Crypto ecosystem is going to be managed or run by someone who is in authority. It means a bit of clarity than what it is running right now for years because of a proper Framework everyone is having their own opinions about how it should be run and because of that the conflict of interest between different entities is rising which is giving more and more new kind of issues to deal with which can be easily avoided if there is a proper set of Framework which will define every single operation based upon blockchain and all of the technology that is involved to it.
We have been seeing a lot of activities that are going wrong just because of this simple factor some basic factors like security is also been affected because of it because different protocols have different kinds of rules on the same platform which is why this differentiation is causing quite a lot of issues and security is one of the most fundamentals of any platform and it is also getting affected not only that there are a lot of other factors as well which are getting equally affected because of this simple absence of a Framework following which all the platform need to ensure that they are working in the same manner.
There are various kinds of platforms based on Crypto starting from exchanges wallets and a lot of other things as well all of these can a thing have different types of rules even if they are of the same time like a wallet has different rules and regulations in comparison to a different wallet as well because there is no certain fixed Framework that everyone needs to be following and making sure that they are following the same rules because of which there has been a lot of miss management and also people taking opportunities out of it as they prove to be something like they are going to prove more efficient and more helpful by providing things like the things which are not been offered by the other platform which is why they are now bending all of it as per their ease.
If it talks about frameworks then yes they have been many developments in this face as well why a lot of the countries in the world like for example Canada is working on a Framework which is going to define its entire trip to the ecosystem in the country and also plans which will be based upon that as well which is the really good move and there are a lot of other countries were following the same steps but at a global level there is no global agreement on the same aspect which is why all of these conf issues are still existing and are going to exist for a long amount of time as progress which is being made in developing a Framework even for a single country is so slow so imagining that happening on a global level is very tough with the things the way they are right now.
But there is some good news as well which is coming up right along with this kind of thing like the financial stability board or in short the fsb which is an international organization that monitors the global financial system has now been offering a global regulatory Crypto framework. This is very positive news as scripts of frameworks are now been discussed on global levels not just pasted on a single country which is something that is going to be very crucial in the coming years for sure.
Now the guidelines are been recommended to the top 20 leading economies of the world or in short the countries which are a part of G20. Right now the G20 meetings are going on in India as well and the financial sector meetings are being going on where the finance ministers of all of the countries of G20 as well as the Reserve banks and their ministers are also present in those meetings and discussing this kind of aspect En those meetings is going to take this aspect a lot more ahead and effectively for sure and if G20 countries are building something like this then it is going to have a huge impact on the entire world because the top 20 most powerful economies working on a script of Framework then other countries are also bound to be following it in some or the other manner or adopting it as a whole as well.
One of the most prominent recommendations that fsb has made in its recommendation has been to a very stable Global cryptocurrency which is going to be a stablecoin which is, for example, used a similar coin of that salt that is going to operate at a global level and is going to be needed to be the most powerful one which is going to be a stablecoin and that is something that surely is Catching a lot of eyeballs because that coin can be used in more than one direction which is going to be a really tough thing to a complex Because a lot of countries have different sorts of economics and difference in the financial rules and regulations that they have put in their countries and making this happen is going to be a bit tough.
As well as one more thing that was highlighted in this recommendation by fsb is surely going to be the appreciation of privacy as it is something which is widely the most famous factor that cryptocurrency and the blocks in technology have to offer which is going to be privacy which is destroyed in this modern world of web2 which surely is being appreciated by FSB and it indicates that privacy is going to be existing in the upcoming markets or the Framework that is going to be putting place because that is something that governments do kind of think many times about before implementing because privacy is some of those things which can be very deadly for the authorities to manage.
But out of all of the recommendations that have now become public the most famous one of the most discussed one is going to be the aspect about a global stable coin which I describe a bit in the previous paragraph. There are a lot of questions around it because who is going to be the governing body to regulate that stable coin or who is going to be the issue of that particular stablecoin there are a lot of questions of this sort but all of these can a thing a going to be answered in the upcoming development that is going to take place and discussion based upon this are bound to happen.
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