Governments Need To Up Their Support In Cryptocurrency Or Get Left Behind Expert Says 

cryptocurrency

In the cryptocurrency latest update, Per Englund, the founder of cryptocurrency website, Go CryptoWise, suggested that it is high time every nations starts showing their support for cryptocurrency and how they can get involved and positively influence the crypto technology, else, they should be ready to be left behind. The Go CryptoWise founder said this in an article published by Coinspeaker. According to him, the government has been comparing cryptocurrency users to criminals, computer nerds, and silk roads; that approach is fast becoming obsolete and cryptocurrency is here to stay.

Cryptocurrency News Today – Cryptocurrency Latest Update – Government, Cryptocurrency, the World

“This is quite similar to the Luddites. The government is essentially saying they will not welcome progress. This will set them back 40 years. Imagine if they did this with the internet?”, billionaire venture capitalist, Tim Draperhard – a long time fan of Bitcoin, remarked. The billionaire made this statement in reaction to a draft submitted by the Indian government that was published recently. The draft states:

“No person shall mine, generate, hold, sell, deal in, issue, transfer, dispose of or use Cryptocurrency in the territory of India”.

The Indian nation has for a long time been showing anti-crypto sentiments and has been vocal about it. Albeit they seem to be supportive of blockchain technology while their attitude towards crypto has not changed. According to Per Englund, saying it doesn’t make sense to say “no” to crypto and “yes” to Blockchain technology. “Countries like India and others are currently taking an approach which sees the government supporting blockchain technology or a decentralized ledger but yet still anti-crypto. That approach seems very confusing and does not promote innovation. The period of taking an approach against a new development is long gone and will never be the winning strategy”, he wrote.

Bitcoin (BTC) Price Today – BTC / USD

Name Price
bitcoin
Bitcoin
$9,953.75-2.02%

Understandably, some governments are afraid of how the crypto community has been portrayed by several media outlets. Some media outlets and financial institutes have adopted ugly strategies by trying to paint the crypto community in the negative light for a long time. Hence the government is afraid to lose its control to its citizens because, with the decentralized technology, power lies in the hands of its citizens.

According to Englund, it has never been a smart move to restrict technological advancements because of the fear of losing power. If nations accept both Blockchain and cryptocurrency, for sure, they will eventually reap the benefits. If crypto and blockchain technology is embraced, investors will be attracted to the country’s economy, the employment rate will increase. This will also give the younger generation a plethora of opportunities; helping to boost the financial status of the country.

Crypto News Today – Nations Embracing Cryptocurrencies Will Reap The Rewards – Crypto Latest Update

San Marino is among a few nations that are embracing cryptocurrency. Currently in the country is working on a cryptocurrency-based project in partnership with DNV-GL and VeChain. This is undoubtedly a perfect example of a country with a government that sees growth and development as a top priority above other constraining factors.

This project is called the “San Marino Low Carbon Ecosystem”. The project’s mission is towards helping the country and its citizens collaborate in reducing carbon dioxide emissions. The San Marino Innovation Token – a new token created on the VeChain blockchain is the brain behind this initiative. The San Marino Innovation Token will be awarded to its citizens as a reward for reducing their carbon footprints.

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.