As referenced in Part I and Part II of my blog series earlier this year, the rapidly evolving nature of cryptocurrency has led credit unions to explore its impact on the future of payments, real-time accessibility and potential risks. Recently, discussions among U.S. agencies around the regulation of cryptocurrency and taxing of gains are picking up momentum. This could bring some order, and possibly some safety, into the cryptocurrency exchange industry that historically has been rife with scams and losses from unscrupulous business practices.
Consider the following statistics:
- From October 2020 to May 2021, a record 7,000 people reported losses of more than $80 million due to scams, according to the U.S. Federal Trade Commission (FTC).
- The founder of Turkey’s largest exchange fled the country with $2 billion in assets belonging to exchange account holders.
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