Bitpanda GmbH is the biggest Bitcoin broker of Austria. The founder of this company is of the opinion that the Bitcoin should be regulated similarly to how gold is regulated. This will allow it to have simpler compliance rules.
At present, the transactions in the EU above 10,000 Euros have to meet the anti-money laundering rules. If there are more standards brought into force on the Bitcoin, then the digital currency market will not see a boom at all.
The co-CEO of Bitpanda, Eric Demuth, says that the regulations on the Bitcoin are a good thing and they are game for it. But, it should be regulated more than other commodities. The creators of the digital currency want to have a stronger and firmer ground for themselves and also want credibility for the Bitcoin and other cryptocurrencies.
The economists feel that the prices of a Bitcoin and an ounce of gold must move closer to each other as and when the U.S. Federal Reserve increases the interest rates. The prices of Bitcoin and gold were very similar about 11 months ago. Now, they are getting ready to converge.
The finance ministry of Austria has said that it is looking at coming out with regulations on cryptocurrencies taking a cue from the gold trading rules.