All governments and organizations around the world are increasingly focusing on cryptocurrencies (CCRs) and the technologies that underpin them – the blockchain. Some attention is negative, but on balance, it is clear that more attention is positive, helpful and exploitative. As we become more aware of the existence of such a disruptive force in the world of business and investment, it has become imperative to examine business processes at these new frontiers and compare them with the relatively old, slow and expensive processes of today. The growth of new technologies requires new investment capital, and with this kind of growth comes encouragement, false start, and debate.
Developments in the world of CC and blockchain are advancing rapidly and rapidly as governments and organizations use technology, tax all profits, protect their investments and protect their components and customers – a complex balancing act that leaves many wondering why Going and changing direction frequently expla CC and blockchain are slowly gaining recognition in the mainstream but here are a few recent developments that still involve regulation, control and stability:
- Uzbekistan will unveil plans to regulate Bitcoin in September 2018, setting up a blockchain “skills center” to begin operations in July.
- Kazakhstan has indicated its willingness to copy Singapore’s blockchain permits.
- Belarus has announced that it intends to create a hospitable environment for blockchain as an innovative financial transaction technology.
- CC has created “Petro” to raise cash as Venezuela moves towards economic collapse. Hopefully this will become a means of sanctions that will prevent Venezuela from financing the global bond market. President Nicolas Maduro has claimed that Petro raised $ 735 million on its first day, a claim that has not been substantiated. Maduro sees Petro as “the perfect cryptonite to defeat Superman” – the United States imposed sanctions on him, thinking the currency would free his country from banks and government. Perhaps he doesn’t see that Petro was started by any government – his.
- TD Canada Trust has become the first Canadian bank to join some UK and US banks to ban the use of credit cards to purchase CCs.
- South Korea is moving to legalize bitcoin, indicating that it will consider bitcoin as a liquid resource. The impact of their decision will be significant and global as South Korea is at the forefront of the CC marketplace. Japan has already taken these steps, making bitcoin trading more transparent, more regulated and 100% legal.
- Blackrock, the world’s largest investment firm, has continued its bullish forecast for CC, seeing it “widely used” in the future.
- Romeo Lachar, chairman of the Swiss Stock Exchange, believes there is a lot of enthusiasm for publishing a crypto version of the Swiss franc, and his company will be helpful, adding that he “does not like cash.”
- JD.com, China’s largest online and brick and mortar retailer, has announced the first four startups for its Al Catalpalt blockchain incubation program. The Beijing-based program, which has seen candidates from as far away as Australia and the United Kingdom, aims to use the company’s vast Chinese infrastructure to develop new blockchains and artificial intelligence applications.
With the global two-and-a-half activity, it is clear that blockchain is just one aspect of the catastrophic technology of this era and the possibility of CC being able to. Like the explosion of Internet investment in the 1990s, blockchain and CC investments have to be won and lost, however, we don’t want to turn it into a devastating burst bubble with many early dot com investments of the 90s. What we want to see is a rational approach to blockchain development and investment.
We see increasing acceptance, innovation and control as instability will remain the norm for some time in these market places. Failures will occur and successes will be revealed, forcing governments, institutions, investors and innovators to constantly adjust their processes and their thinking. Instability at this stage is normal and healthy.