THE NEED OF BLOCKCHAIN REGULATIONS: TAKING BITCOIN AS AN EXAMPLE

Abstract

Accounting has changed over time, adopting its new forms, devices, technologies and roles, which has resulted in the cryptocurrency boom we have nowadays. It is gaining popularity: more and more services are beginning to accept them for payment of purchases through the Internet, purchases of services, etc. But the cryptocurrency market is the “Wild West”, where there are no written laws, the risks are incredibly high, and each participant fights to become the first in a new niche and to earn millions by any means. The emergence of such situations determines the need to regulate the turnover of cryptocurrencies in the world, the need of a global transaction tool which allows sharing money and data immediately all over the world. The rules and norms must be stated and be clear to everyone, so all the participants can trust other players involved.