Which country will be the first crypto-state?

Crypto-currencies are not a substitute for money or banks, but fuel for a new type of economy that is emerging before our eyes, and the authorities must understand that the future lies behind this sphere. If a country does not compete for the capital created by crypto-economy, it will inevitably lag behind others. We tell who is in the lead in the race for the title of the first cryptostrana, and who is left far behind.

Do not be mistaken: the crypto-currencies will not disappear anywhere, and not one condition will be made on them - some estimate the future total income of investors in trillions of dollars.

The question is whether countries can quickly adapt to this new economic reality and become real cripto-states - jurisdictions where crypto-currencies are allowed, clearly and fairly regulated, taxed, involved in several levels of the economy and at the same time serve as a productive force and a global political tool. Of course, this will not happen overnight, but some countries will be more successful than others on this path.

Some states are flirting with the idea of ​​a national digital currency, but so far these projects are far from being realized - and it is especially difficult to imagine the introduction of centralized currencies in this capacity.

Nevertheless, there are many areas where government investment could bring significant benefits to citizens. For example, in Estonia, where, as is known, there is an e-citizenship program, an electronic identity card allows you to vote and take loans through the Internet, there is a unified system of certification and credit rating - all this can be done with the help of a fully decentralized blockhouse.

Also, the introduction of a decentralized identification system (examples of such projects are Civic, uPort and Thekey) can contribute to the empowerment of the state and citizens, in addition, donations can be collected in crypto-currencies.

Why is it so important? The fact is that if your country does not compete for the capital created by crypto-economy, it will inevitably lag behind others - and some small countries saw opportunities for themselves here.

Singapore, Hong Kong, Estonia and Switzerland are becoming centers of cryptoeconomics; only Switzerland in the first half of 2017 attracted in the ICO $ 500 million - second only to the United States.

What do you need to do to keep up to date?

  1. It is necessary to encourage citizens to own a crypto currency, and not to warn against it. It is important to show an example, since the possession of crypto-currencies is the first step towards understanding them, and now the press creates a kind of mystical and negative image around them. Governments should encourage their departments and officials to own crypto-currencies, and even provide them with some assets to master this environment.
  2. The state should increase technological expertise, increase budgets and hire new people, and invest in educating new specialists so that they are not in short supply. The education system should focus on computer science - from an early age, because children who learn games and mobile applications understand the value of digital assets best of all. We also need investments in the related infrastructure, for example, in the electric power industry - cryptoeconomics consumes a lot of electricity.
  3. It is necessary to involve commercial banks and the central bank in this process - it is important for them to realize that not all crypto-currency companies practice fraud, and that in this business there is nothing shameful - with observance of a number of rules. In the near future, banks will not go anywhere - moreover, they may become key players in this field, as users trust them, but do not trust crypto-currency systems because of a lack of understanding of the principles of their work. Crypto currency is not a substitute for money or banks, but fuel for a new type of economy that is emerging before our eyes.

Apparently, today, against the background of other developed countries, Japan is breaking free: it declared bitcoin a legal tender and supports registered exchanges. Thus, crypto business becomes promising for entrepreneurs, investment in crypto-currencies is attractive for institutional and private investors, and crypto-currencies themselves are a popular digital asset that can be spent in tens of thousands of stores throughout the country.

Such a policy can be cited as an example, but not everyone can easily follow it. There is a culture of consensus in Japan, which corresponds to the basic principle of a blockage, and besides, there is a lot of experience in using digital money and various points and coupons, so that the crypto-currencies hit the mark.

On the opposite end of the scale is Israel, a very technological country with flowering start-ups. Nevertheless, banks make it almost impossible for them to make legal investments in crypto-currencies, and the life of the respective entrepreneurs and services is hampered, due mainly to misinformation and the lack of a clear regulatory framework.

For the sake of justice, not everything depends on the government - other interested parties are also of great importance. Responsible public education is the task of the media. The investment community, including venture investors, should encourage, rather than repel, entrepreneurs coming to them with crypto projects.

Companies operating in this industry also have a great responsibility: they must set high standards, avoid dishonest counterparties and generally explain this area of ​​power and market participants.

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