by Joseph Weinberg, CEO of Paycase Financial
Last year I sat with the Bermuda government and helped write the guide on how they should regulate their blockchain ecosystem.
We took the ideas and discussions on which the government worked for three years and helped pass the legislative and legislative framework into law with the government in just three months.
This is why this is important.
It was not the first. But it was by far one of the quickest regulatory conception movements that industry has ever seen. It represents the growing trend of governments trying to use blockchain in new and unprecedented ways. Ways that will undoubtedly influence you as an individual.
Standardization is closer than you think
There is a lot of noise in the blockchain space. Every day we come across countless claims of unbridled potential and stories that fuel the fear of the market. But in contrast to the well-rooted narrative against cryptocurrency, governments are actively educating and collaborating with industry.
L & # 39; idea? Embrace the underlying technology, balance the interests, safeguard and standardize the framework around it.
Bermuda is a country that has rapidly moved forward. Mauritius is another who looked at the Bermuda picture and said "OK, we would like to implement it here too". It seems that Mauritius is trying to provide more privacy and data services to companies arriving in their borders and in all the jurisdictions of the country.
I would say that by the end of 2019 you should expect to see 13 to 15 countries with blockchain legislation.
Understanding this legislation, from a start-up, business or citizen perspective, will help you navigate the landscape when it comes to business, privacy and investment.
More examples of the massive wave of incoming changes
We can jump across the world and find other examples of how governments use blockchain to power services. We will get there, what I believe, is one of the misunderstandings behind the governments and the blockchain in the next paragraph.
Dubai has always been focused on the vanguard. From its artificial islands, the tallest building in the world, they are constantly looking for ways to drive innovation. Blockchain technology is no exception.
The Dubai Department of Finance (DoF) has recently partnered with the Smart Dubai Office (SDO) to launch a blockchain-based payment system. It is already in use at Dubai's Water and Electricity Authorities and the Authority for Human Knowledge and Development: two major departments that have never had a & # 39; cross-departmental interaction.
Once in place, citizens of Dubai may see significant improvements in service.
And while it's the oldest news, in 2016 the government of Georgia became the first to use the bitcoin blockchain to validate property transactions. Once again in an attempt to improve the services of citizens.
It concerns the impact
Governments have been, well, ruling for a long time. What I think is crucial to note here, though, is that while the application level of "here's what the xyz government is doing" is interesting, and often there's a misunderstanding about "oh, they're just trying to stop the 39; innovation "- the underlying reason is what is important.
From what I've seen – again working with OECD, G7, G20 and others – it's motivation, it's all about impact.
Both good and bad impact.
There is recognition that our industry will have a huge impact on many areas of life. On tax policies, labor markets, privacy, monetary policies, education systems and much more.
Unless we are careful, some of these effects may be unfavorable.
If there seems to be uncertainty from the government's point of view, you'd be right. C & # 39; is. But this does not mean that there is no interest or desire to embrace technology. Also here.
Governments are proceeding faster than we can think to try to ensure that we all build the right regulatory environment and use technology in a way that can best fit everyone's lives.