Ripple's CEO, Brad Garlinghouse, recently sat down for a chat with IMF's deputy general councilor Ross Leckow. The conversation took place on Monday at the Singapore Fintech Festival. In the dialogue, the two ideas exchanged on the opportunities that blockchain technology and digital resources offer to financial institutions in the ASEAN region (Association of Southeast Asian Nations).
The IMF pays close attention to Finetech and Blockchain
Mr. Lechow promptly pointed out that the IMF was paying close attention to Finetech and blockchain technology. However, it was quick to point out that other emerging technologies deserve to be mentioned. These technologies include cloud computing, APIs, mobile devices and more.
Regulatory clarity increases the adoption of Crypto and Blockchain
During the chat, Brad Garlinghouse stressed that the challenges and blockchain opportunities in the ASEAN market were unique as there was regulatory clarity from different governments in the region.
Mr. Garlinghouse had this to say about the subject:
Regulatory clarity has a great ability to drive the digital asset and the adoption of blockchain. It is surprising that many markets still have uncertainty. But, in ASEAN, the regulatory environment for blockchain and digital resource technology is clear.
According to the CEO of Ripple, countries like Singapore, Thailand and the Philippines have provided a suitable environment that allows the blockchain and the cryptographic sector to thrive. He cited an example of how Thailand succeeded in balancing consumer protection and innovation.
Leckow also added that the ASEAN region is more open to Finetech. He stated that:
Every country in this region also has very different needs. Some are ahead of others in thinking through politics, and it is not surprising that they have adopted different regulatory approaches …
But, in the ASEAN region, there is a general openness in embracing Fintech and allowing innovation to take place. The Fintechs in this region are willing to engage with regulatory authorities and make them understand the technology, services and products they are producing in the early stages of development. Regulatory sandboxes in Singapore, Malaysia, Thailand and Indonesia are examples of this.
And the rest of the world?
From the point of view of cryptic enthusiasts and traders, regulatory direction is vital in determining the value and validity of their investments in digital assets. One of these examples is the highly anticipated decision by the American Bitcoin ETF SEC. Many believe that a nod of approval from the regulatory body will print cryptography as a real asset class investment. This in turn will bring "big money" from Wall Street and High Net Individuals.
The regulation decision can not be ignored
But however many may wish to adhere to Satoshi's vision of a truly decentralized payment system without the interference of governments and banks, they are also aware of the fact that they reside and abide by the laws of their country of residence.
Part of the "agreement" of being a citizen of a particular country, is to follow the laws and regulations of the land. Therefore, the leadership of the government can not be ignored.
What are your opinions on the future of cryptography all over the world? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.