Cryptocurrency is not bound by borders seen as tradable from anywhere. However, its adoption is hampered by the position taken by the nation states. Politicians have the power to push the crypt to the next level of traditional adoption.
The stateless nature of cryptocurrencies makes them difficult to resist. There has been an expansion of economic activity globally oriented to regulate and quantify crypt assets. Politicians and regulators will play an important role in pushing the crypt into traditional finance. Investing in cryptocurrency remains a high risk, but better regulation can help legitimize and offer investors greater protection.
Crypto in the spotlight
Bitcoin and other cryptocurrencies have been put in the spotlight by a number of politicians. Some even openly support the many advantages of crypto. Some of the politicians who have been very instrumental in supporting the adoption of Blockchain technology and digital currency. Nick Dametto, an Australian politician, is one of the politicians who openly discussed Bitcoin and cryptocurrency in general.
Wang Pengjie, a Chinese politician, raised the possibility of setting up a national encryption platform. Prince Hamdan Bin Mohammed of Dubai recently launched a Blockchain strategy. The prince has also been seen pushing for the much sought after position to be at the forefront of this technological revolution.
Benjamin Netanyahu The Israeli prime minister was also a supporter of the digital currency and the blockchain. The minister spoke of praise for technology by noting that technology will soon make banks obsolete. In Japan, Takeshi Fujimaki proposed a series of changes to the current cryptographic taxation system.
Vladimir Putin, president of Russia, also said that legislators should stop hindering the development of these technologies. Putin noted the potential of cryptocurrencies, hence the urge to develop the digital currency sector in Russia.
During the mid-term elections in 2018 in the United States, a number of cryptic legislators secured the governorates. The pro-tech candidate for Jared Polis and the Bitcoin lawyer was elected governor. Gavin Newsom was also elected governor of California.
President Nicolas Maduro of Venezuela is also a crypto-friendly politician who is behind the Venezuelan currency, Petro.