"Regulators would be wise to avoid the chainsaw when microsurgery could do" when it comes to blockchain technology, says author Don Tapscott.
Tapscott, the co-founder and executive director of the Blockchain Research Institute (BRI) – a multi-million dollar global think tank blockchain – published a report on Wednesday calling for greater regulatory clarity on blockchain and cryptocurrency. The report also shows the background of a round table held in May on the regulation of cryptocurrencies.
The report identifies the four "central issues" of regulatory oversight such as lack of regulatory clarity, obsolete statutes, lack of dialogue between the two regulators and other stakeholders, as well as financial service providers and blockchain entrepreneurs.
The report warns of a clear "Canadian point of view", given that most of the nearly 70 participants came from Canada.
This would explain why some of the major takeaway items are expressly geared towards a Canadian audience, with one of these articles "establishing a national regulator in Canada" highlighting the lack of a central securities regulatory authority in the country.  Other recommendations of the report include the establishment of action committees, the encouragement of special interest groups and the creation of clearer distinctions between the different types of cryptocurrencies.
All of these recommendations, however, seem to support sentiment for a greater degree of clarity when blockchain technology arrives, not only with government officials but also with the wider public.
"The new oil of the digital age is given … We must help educate the public to distinguish a cryptocurrency from the many surprising results that people get with blockchain and what they could do with a self-sufficient identity protected on a distributed boss "
The ongoing research by BRI on the impact of blockchain technology on the company is supported by leading companies and government agencies such as Microsoft, IBM, Bank of Canada and , more recently, Salesforce.
In February, it was reported that BRI would embark on a new project with one of the leading Indian technology industry organizations to help developers in the country learn more about the use of blockchain technology and spur stronger economies digital.
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