The European Central Bank(ECB) President, Christine Largarde, has called for global regulation of Bitcoin for reasons that digital currency had been used for money laundering activities in some instances and that loopholes needed to be closed.
This is not the first time she has brought up a Bitcoin case; she spoke on this in 2018. Largarde has been determined in her advocacy on the necessity of international regulation of cryptocurrencies. She also noted that it could take the Eurozone up to four years before launching a digital euro.
In her defense, the regulation has to be agreed upon on a global level because if there is an escape, that escape will be used. It seems like she is somewhat on edge, especially with the rate Bitcoin has been rising; this time last year, It was worth about $6,000 per coin; now it's peaking at $40,000 and still growing.
The truth is that a regulation was inevitable; it was bound to happen. The question which arises from this action is, Will it be bullish or bearish for Bitcoin?. In my opinion, I think it will be bullish for bitcoin, it seems like it, and it will be bearing for altcoins, but not all, though. Anything is possible; it is only to wait and see how events will unfold and the favor which the odds will be in Bitcoin or Altcoin.
Pakistan is now using government funds to mine Bitcoin in the quest to develop its slowed-down economy. The Khyber Pakhtunkwa (KP), one of Pakistan's four provinces, announced the launch of two state-owned Bitcoin mining farms last week. This move makes one of the first instances of the government using its funds to mine and profit from Bitcoin. If the country continues at this date for about the next ten to fifteen years, it will provide and create a massive treasury for them compared to other nations their size. It will be really beneficial to the country's economy in the long run.
This new step also has legal backing; a legislative bill that supported this operation was passed. A separate no objection certificate was also passed, allowing individuals to launch and also issue their cryptocurrencies without the fear of legal backlash as long as they are registered.
On the other hand, Blockstack upgrade introduced smart contracts for Bitcoin yesterday, January 14th, 2021. Blockstack will also roll out its new blockchain, Stack 2.0, and bring smart contracts to Bitcoin.
