Connect with us

Currency Market

Policymakers on crypto regulations during Ripple Swell and the effects on the market now

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

The concept of blockchain has changed the outlook of the world’s financial systems. The world’s financial system has come to embrace the blockchain technology concept. But the means of which the world’s financial policymakers should handle cryptocurrencies was one of the major discussion during the recent SWELL conference held by Ripple.

We should, however, note that blockchain technology came at the time when the world’s financial system wasn’t efficient as much. Right now, blockchain technology is aiding quick transactions and cross-border payments around the globe – thus, we can say blockchain technology is revolutionizing the world. But to this end, the increased jeopardies and the unfortunate happenings in the crypto-space is making blockchain an unsafe haven.

But, there were a couple of positive views put on the table by lawmakers during the Ripple SWELL conference this year, which has started to show some positive effect now.

The discussion between policymakers during Ripple event

At the SWELL conference, different discussion sessions were done. But the session dubbed “Crypto Regulation Around the World” involved experts and policymakers in the crypto space featuring the executive from Abu Dhabi Global Market, Richard Teng; former attorney from the SEC (Security and Exchange Commission) Compliance Inspections and Examination office, Michael S. Didiuk; Anchari Suppiroj of Thailand’s Security and Exchange Commission (SEC); and Ross Leckow, the deputy general counsel from the International Monetary Fund (IMF).

From the Ripple SWELL conference 2018, Abu Dhabi and Thailand were appreciated for creating specialized structures to regulate cryptocurrencies. The two countries have different frameworks, but both governments have offered great measures and provisions for cryptocurrencies.

Furthermore, Suppiroj and Teng emphasized that the concept of countries collaborating with the crypto-industry is essential. Subsequently, Suppiroj stated during the conference that policymakers should aim at working with the crypto-industry, too.

On the other hand, Teng stated:

If you look a year ago, I think most global regulators had the view that this asset class might go away. In the last three to six months, I’d say there’s been a drastic shift in sentiment: they’re going to stay. Let’s look at the right regulation for [digital assets], and how do we approach it in the right direction.”

Richard further expressed that Abu Dhabi is on the right stance being that it can enforce new rules quicker than other nations. He also added that the need for policymakers to get to know cryptocurrencies very well is vital and that they shouldn’t have fears, instead, they should acknowledge its benefits.

The United States speaker, Michael S. Didiuk, talked on how different governments such as Thailand as well as Abu Dhabi are welcoming new technologies.

He acknowledged the fact that the main aim of the Security Exchange Commission is to understand the workings of cryptocurrencies and its risks plus the benefits. Didiuk didn’t fail to state the fact that enforcing new policies and regulations will be the main aim of SEC in years to come.

Didiuk said,

In the short- to medium-term, I think you’re going to see a lot of focus on enforcement.”

He also pointed and agreed to the fact that policymakers should understand both the risks and the benefits involved concerning digital assets and give a final verdict to it. According to Leckow, the risk involved in cryptocurrencies are becoming predominant, but the crypto-space has lots of benefits to make the world’ financial system more efficient. He believes for the world’s financial system to be efficient and effective; regulations need to be created.

So, let it be the regulators from Abu Dhabi, Thailand, or United States, one thing was common in their talks during recent Ripple event, SWELL.

And that’s, everyone acknowledged the benefits of cryptocurrencies and hinted towards somewhat polite policies in the making. Probably that has started showing some positive effects not only on Ripple’s XRP but also the whole market as all the top cryptocurrencies began their week in green today.

For the global insights every crypto trader must have, apply for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of FreegraphicToday/Pixabay

Bitcoin

Why Blockchain Projects Keep Failing

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

If you’ve been keeping up with news coming out of the blockchain community over the past year, you’ve probably heard countless projects hyped as the next best thing—only for them to fall off completely off the map a few months later. While some of these projects offered no practical solutions and seemed destined to fail, others creatively used blockchain technology to enhance the way we perform day-to-day tasks.

So, What’s the Problem?

For starters, many of these founders have no real experience running a business or managing finances. Instead, teams are usually comprised of programmers and tech geeks with the ability to develop blockchain-driven apps, but have no clue about project management, allocating resources, effective team building or marketing.

What’s more, when you look at the average blockchain start-up’s website, you’ll probably find a list of team members with accolades a mile long. And many of these “achievements” are in similar blockchain projects that have yet to take off. This makes it hard to distinguish between what is hype and what is credible information, which scares off all but the high-risk investor.

Project Success Starts at the Team Level

The sudden interest in cryptocurrency and blockchain technology can be compared to the California Gold Rush. Everyone wants to get in on the ground floor so that they can make as much money as possible.

Unfortunately, this mentality isn’t just…

Continue Reading

Altcoins

STEEMIT Running Out Of STEAM?

Published

on

By

Steemit
READ LATER - DOWNLOAD THIS POST AS PDF

Has Steemit seen its glory days run dry? There have been many rumors that the CEO Ned Scott has pushed the company to the blockchain focus that he forgot about Steem being a social media platform. Now, these are just things some of the former employees have been heard saying, but it is a rather interesting take as to what is going on. Give the following video a watch where I break down what is happening with Steem. I also give my thoughts on what may happen to other large ICOs and how we may see this trend continue as we have seen with ConsenSys laying off 10% of their workforce.

If the big name projects are starting to do this will it also have a trickle-down effect on other ICO’s which have no products and are running out of cash? I definitely think so, and I also see this negatively affecting Ethereum for the mid-term. The question many have been asking is just how long can the bottom 1800 projects last with the current market conditions? How many ICOs did not liquidate their Ethereum and now are stuck with 1/10th the cash flow or more in some cases, how will they pay to continue operations? What about the growing number of projects laying off employees like…

Continue Reading

Altcoins

The Three Biggest Problems with Crypto

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?

However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.

Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.

We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:

Scammers

Failed projects

Immature technology

Who hasn’t been scammed at least once?

The crypto community is overrun with scammers taking advantage of inexperienced and naive users. What’s more, scams don’t only occur on an individual level.…

Continue Reading

Elite