It is going insane. Are you surprised?
Imagine you had virtual coins, secured by a decentralized opensource list that keeps a record of everyone’s transactions without alterations, that would allow you to manage, trade, sell, and buy across the globe at a low-fee, self-managed transactions from anywhere with ease. No more banks, no bureaucracy and no need for third parties: just you and yo money! Exciting huh?
Through this project, coins and tokens are already being sold, traded and funded all around the world and its system is referenced as the Cryptocurrency Blockchain Ecosystem.
Cryptocurrency has taken off and broken down many barriers around the world in the past decade, for example in the US, Switzerland and nonetheless Singapore with skyrocketed ratings with their ICO crowdsourcing platforms. But it still has much to do when it comes to their regulations, which still sets many in the skepticism lane. But even with all the criticism, no matter how anyone may be perceiving it, cryptos growth speak for themselves! At this point cryptocurrency market is a beast and will inevitably keep on expanding until it reaches the general public, by becoming a part of their daily lives and I see no step on the breaks for this market. There is no turning back.
What does it mean for cryptocurrency to be LEGAL in a certain country?
It means it is acceptable to trade, buy or sell cryptos, but you must read their terms which can change with each territory. It’s important to know that even though it may be legal to circulate cryptos it does not mean the country has automatically recognized it as “money”, nor that it is regulated by the country.
On Wikipedia you can see a list of all the countries which consider cryptocurrency to be LEGAL or ILLEGAL (banned) including their terms.
Looking for welcoming countries to the cryptocurrency?
According to Denmark’s view of cryptos, which its intention is to completely eliminate cash to digital-coin only, it is only a matter of time until that happens. Considered the happiest place on earth Denmark is the place to go. Wow GO Denmark! Denmark is a very well-developed country, an authority in responsible living as it is a principal taught in schools says CCEDK CEO Ronny Boesing.
Sweden! It’s also out to eliminating cash all-throughout. The Swedish Financial Advisory Authority has made Bitcoin a legit means of payment by declaring it to the public.
The Netherlands happens to have its own BIT COIN CITY called Arnhem, say whatttt?!!! It’s latest addition to its 100 merchants was Burger King. The only problem this city is facing is that it doesn’t have enough users wanting to use bitcoin, as many like to save them for now. So, guess what… it is the place to go!
I don’t know about you but this gives me a little confidence.
So, are we far from seeing cryptos reach the general public by becoming a part of their everyday lives?
Yes and no. As you just seen above there are places fully functioning under the cryptos, but there is much to look at before believing other countries would take the same approach, after all there are many who feel threated by this market.
Cryptos would offer a freedom to people that banks in general would not appreciate. A decentralized system giving people freedom to manage their money? Say whattt… Third parties are not happy, because eventually they will no longer be needed. Who would’ve guessed this would ever be possible? We have been banking for over 300 years and we as the general public did not see this coming because the market in itself has given us a singled-out centralized option: banking.
Now, how about the government? How do they feel about giving their people this level of freedom? How do they feel about adapting and giving their people a clear view of the public money system through the opensource blockchain ecosystem proposal? Ha! We got ourselves into a “good” fight. But we will go deeper into this in another post.
Anyways, in other words, we have some battles before it becomes a part of people’s daily lives. But crypto companies like WINCO are working and rolling big time to make this happen. ICOs (Initial Coin offering) are taking over and giving people more access to this currency.
Banks will go down! Or not.
That is the intention for sure, but will it ever really happen? Eventually. But, even if cryptocurrency, once regulated, becomes accessible to all, I do not believe we can get rid of banks for a while. Part of the resistance is that most people have learned to trust third-parties more than themselves with their own money, it’s a centralized mindset that needs to be decentralized
get it? Lol cheesy I know.
Now how are banks feeling about it? Some have already adapted to the blockchain ecosystem, as predicted by IBM that 15% of banks would get involved by the end of 2017. Making their business transactions much faster and efficient.
There was a list made by FUTURE THINKERS where they list 19 industries the BLOCKCHAIN will disrupt.
G20. Sounds gangsta doesn’t it? WELL THEY ARE!
G20 aka Group of 20 is an International forum of governments and central banks that include: Australia, Argentina, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Republic of Korea, Russian Federation, Saudi Arabia, South Africa, Turkey, United Kingdom, The United States & European Union.
Their goal is to create international financial stability by discussing issues that go beyond the responsibility of just one government alone. Like cryptocurrency for example.
A forum like G20 can give a global confidence to financial issues around the world. Which has been the very need when it comes to the cryptocoin world. Generating conversations, unifying their views can help us all to create the level of regulations that would give cryptocurrency the security & confidence everyone is waiting for.
We are glad to see G20 and FSB (Financial Stability Board who coordinates the financial stability for G20.) take interest in discussing and becoming more open to the cryptocurrency blockchain ecosystem. Even though as of right now FSB has not agreed to regulate cryptocurrencies it is staying open and giving guidance to the G20 on how to monitor the industry as it is rapidly growing, and they do not see cryptos as an immediate threat to the G20 by stating that as of right now it only represents 1% of the global internal gross.
So, will they regulate cryptocurrencies or not?
Right away, no, but it is under evaluation. And because each government has very different necessities and views, coming into an agreement on how to govern and regulate cryptos globally may be challenging.
But now that it’s gotten a little more of the G20’s attention, I’m sure they will soon come to an understanding of the need to “clear the gray areas” asap, for the security of everyone involved, giving confidence to the people who are interested in investing.
Regulating cryptos will show the true intentions of serious sellers and investors, in conjunction to eliminating the risks of fraud, because by doing so we will communicate to the public this is not just some “private scams” as some may have tried to perceive it as.
And yes, there has been lots of frauds involved in this unregulated market, and you just might ask what exactly is holding this idea together? What exactly is making people invest? Well, social proof, people who have worked on researching and becoming investors themselves. Successful stories are leading tons of people to invest.
To conclude, the openness of G20 and FSB to become more involved with the thought of creating cryptocurrency regulations speaks great volumes to the community specially to the spectators.
I hope you have been encouraged to stay tuned to the future of cryptos. It’s exciting, innovating and the future of technology right in our hands. Keep searching, stay informed, get involved.
KEYWORDS: CRYPTOCURRENCY, CRYPTOCOIN, BLOCKCHAIN, CRYPTOGRAPHIC HASH FUNCTION, MINING, MINERS, ICO, G20, FSA.