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.
“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.
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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.
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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry
Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation.
There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated.
A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified.
Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders.
Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:
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The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
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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.
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