Karatbars International GmbH, the initiator of KaratGold Coin, has started a campaign to promote more regulation in cryptocurrency stemming from a false rumor that spread against the company in recent weeks. The rumor has since been cleared up, showing the importance of fact-checking in the industry.
The legal framework surrounding the cryptocurrency industry can be described as sporadic at best. Most countries have placed a major focus on regulating cryptocurrencies themselves, while completely ignoring businesses that are built around cryptocurrencies.
The campaign by Karatbars is focused on increasing transparency in the industry to help spread mass adoption and acceptance by traditional industries and companies. This will help benefit smaller startups, entrepreneurs, and even non-crypto companies. Currently, the industry is still plagued by scams that started to appear as crypto gained traction.
Additionally, they want to fix the limited media oversight, where anyone can post anything and often times fact-checking does not occur. This has been evident in even some of the most reputable and recognized publications that cover cryptocurrencies. Unfortunately, sometimes that can lead to bigger issues and a lot of resources needed to clear up the confusion.
Karatbars Founder and CEO Harald Seiz explains “We assume that a former collaborator of ours is behind this malicious attack on our reputation. Unfortunately, the lack of regulators in the market provides an ideal environment for those dealing with illegal and morally questionable things. We call for more regulations for blockchain and cryptocurrency companies. This begins, for instance, with proper KYC mechanisms, as practiced by Karatbars’ dedicated KYC team.”
What is next for KaratGold?
Within the silver lining, these opportunities help companies explain their situation and publically verify any requested information. For Karatbars, this means addressing any and all concerns transparently, as the company is committed to a regulated crypto market. For example, Karatbars had a chance to prove their gold mine is real and verified through various documents.
About 20 years ago, when the “Neue Markt” was listed on the German stock market, comparable manipulations were being carried out. Only the regulated stock market could finally curb these things. It should also be noted that these manipulators preferably act and spread fake news on the weekend, especially at times when authorities do not work. They are working with perfidious tricks that can only be stopped by more regulation.
Blockchain technology is the future, and it will not be too long before the crypto market is finally properly regulated so that companies with great ideas or products no longer fall victim to anonymous, criminal acts.
Background History on the World-Class Team
Karatbars was initially founded back in 2011 by Harald Seiz. As an early pioneer in the industry, Seiz recognized a strong need to bridge the cryptocurrency and traditional financial industries, while making gold much more accessible as both a store of value and payment method.
Since then, Karatbars has gone on to release a plethora of products that have achieved international success, including a gold-linked coin, attracting well over 750,000 customers in close to 150 countries in the process. This growth has brought Karatbars its fair share of anonymous attacks, all of which have been proven false, thus helping reinforce the message of the importance of transparency in the media.