newsbtc.com / Sarah Jenn / Jun 9, 2015 7:00 PM UTC
One of the more notable features of bitcoin as a cryptocurrency is its decentralized nature, which means that there are no monetary authorities overseeing its use. For some, this has been appealing in that it paves the way for easier and faster transactions but others think that this just opens up the possibility of fraud.
This has been one of the major issues that financial regulators have grappled with in the past years as the bitcoin rose to fame. Some governments and states have come up with their own regulatory framework for the cryptocurrency, which some believe might stifle progress. However, the bigger challenge for them is that bitcoin is starting to render financial regulation irrelevant.