Governments and institutions around the world are paying more and more attention to cryptocurrencies (CC’s) and the technology that supports them-blockchain. Some attention is negative, but in general, it is clear that more and more attention is positive, supportive, and exploitative. As the business and investment communities become more aware of its disruptive power, business processes must be examined in this new area and compared with the current relatively old, slow, and expensive processes. New technology requires new investment capital to grow, and with it comes rapid progress, wrong beginnings and controversy.
With the efforts of governments and institutions to use technology, tax all profits, protect their investments, and protect their constituents and customers, the development of CC and the blockchain world is proceeding rapidly and fiercely-a complex Balancing behavior will go a long way in explaining why many people seem to move in different directions and often change directions. The following are some of the latest developments, which can illustrate that CC and Blockchain are gradually accepted as mainstream, but they are still working hard to regulate, control and stabilize:
- Uzbekistan will release a blockchain “skill center” that plans to regulate Bitcoin in September 2018 and plans to start operations in July.
- Kazakhstan has expressed its desire to replicate Singapore’s blockchain looseness.
- Belarus announced that it hopes to create a hospitable environment for blockchain as an innovative financial transaction technology.
- Venezuela created “PETRO”. CC was created to raise cash when the Venezuelan economy collapsed. It is hoped that this will be a way to bypass sanctions to prevent Venezuela from raising funds in the global bond market. President Nicolas Maduro (Nicolas Maduro) claimed that PETRO had raised $735 million on the first day. This claim has not been confirmed. Maduro sees PETRO as the “perfect k-stone to defeat SUPERMAN”-his analogy of imposing sanctions on the United States, arguing that this currency frees his country from the control of banks and governments. Maybe he doesn’t think PETRO was initiated by the government-his.
- TD Canada Trust has become the first Canadian bank in Canada to ban the use of credit cards to purchase CC with some British and American banks.
- South Korea is moving in the direction of legalizing Bitcoin, which shows that South Korea will treat Bitcoin as a liquid asset. As South Korea is at the forefront of the CC market, the impact of its decision-making will be huge and have global influence. Japan has taken these steps to make Bitcoin transactions more transparent, more regulated, and 100% legal.
- BlackRock, the world’s largest investment company, continues to hold a bullish forecast for CC, saying it will be “widely used” in the future.
- Romeo Lacher, chairman of the Swiss Stock Exchange, believes that there are many benefits to issuing an encrypted version of Swiss francs, and his organization will support it, adding that he “does not like cash.”
- China’s largest online and brick and tile retailer JD.com announced the first four startups in its Al Catapult blockchain incubation program. The Beijing-based plan has attracted candidates from places such as Australia and the United Kingdom. The plan aims to use the company’s vast Chinese infrastructure to develop new blockchain and artificial intelligence applications.
In all global round-trip activities, it is obvious that blockchain is the disruptive technology of this era, and CC is only one aspect of the possibility of realization. Just like the explosive growth of Internet investment in the 1990s, there will be winners and losers in Blockchain and CC investment. However, we do not want this to become a huge bubble, which bursts destructively in many early DOT COM investments in the 1990s. What we really want to see is a reasonable approach to blockchain development and investment.
For some time, as we increasingly accept, innovate and regulate, volatility will continue to be the norm in this market sector. Failure will occur and success will occur, which will push governments, institutions, investors and innovators to continuously adjust their processes and thinking. At this stage, fluctuations are normal and healthy.