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We live in constant change — there is no pause button.
While there is a misconception that cryptocurrency are bad for governments and countries, we believe the opposite is true. Blockchain technologies and cryptocurrency will be mainstream. It’s inevitable. Just a matter of time. Early individual adopters have already become billionaires, as evident from the latest issue of Forbes. The same applies to governments. Early adopters will become new financial leaders of tomorrow. The opportunity is right in front of us, now!
Proper understanding, early adoption and intelligent governance of the cryptocurrency industry is key. Crypto exchanges are at the heart of the cryptocurrency industry. Supporting regulated exchanges to operate in a country will have significant positive effects on the local economy.
Attraction of Funds
Wherever there are favorable regulations, they will draw in crypto projects and businesses. This leads to a huge influx of funds to the local economy, in hundreds of billions of dollars (USD), from all over the world. Crypto investments are borderless. Good ICOs are invested in by people from all over the world.
Attraction of Talent
Crypto businesses are lead by the sharpest minds on the planet. They are early adopters and developers of technology and financial industry. They push the envelope forward. Clear and favorable regulations on how ICOs are accepted by governments, listing on exchanges, and competitive personal tax policies are key to attracting these talents.
Local Job Creation
Crypto businesses are well funded. In 2017, crypto businesses raised $5.7 billion USD from ICOs, bigger than VC investments in the same year. In Jan of 2018 alone, crypto businesses already raised more than $2 billion USD, and the trend is accelerating. These businesses must hire people to grow their teams, creating job opportunities in the local community.
Tax Revenue for Governments
Unlike startups in other industries, cryptocurrency startups are often profitable from the beginning. Some are extremely profitable (see later). These profits generate significant tax revenue for the government, often in hundreds of millions of USD for each business.
Industry Growth
In addition to the direct tangible benefits, there are significant intangible and long term benefits, which we believe, far outweigh the immediately quantifiable ones mentioned above.
With more crypto business booming in one area, they will build a local culture that is crypto friendly and crypto advanced. This is similar to the startup culture in San Francisco, financial culture in New York, etc. With this culture built, it will help to shape the local economy, to be a world leading one. Early adopters could realize trillions of dollars in benefits compared to late adopters.
Benefits Binance can Bring
Binance is the world’s leading cryptocurrency exchange. In the first 3 months from inception, profits amounted to $7,500,000 USD. In the 2nd quarter, profits amounted to $200,000,000 USD. The 3rd quarter is still in progress, and is expected to have further growth. Any country that can attract Binance to open a branch in their location will receive a handsome tax income revenue.
Binance is a leading brand in the crypto industry. Wherever it lands, it will attracts other crypto businesses to follow. Binance has listed more than 200 coins, many of them are also looking to open branch offices around the world. They will follow.
Binance is aggressively recruiting, and is projected to recruit over 2000 employees this year alone, and even more next year. This will help grow the local job market.
Binance also have incubation and charity funds, further helping the local startup economy and welfare.
We are happy to work with forward thinking regulatory bodies, share our experiences and expertise, and help forge a leader in tomorrow’s blockchain-enabled world.
Countries
Initially, smaller countries with developing financial markets have the most to gain by adopting blockchain technologies. This should have less disruption to their existing institutions, as well as being easier to manage given a smaller size. As adoption in these countries increase, larger countries with established financial markets will feel the disruption. In this line of thinking, established financial markets should adopt blockchain technologies as early as possible too. As the saying going, it is always better to disrupt yourself than waiting to be disrupted by others.
Whether you are representing a nation that is looking to lead for the next century, or a responsible officer that aims to keep your organization relevant, we hope you are that forward thinking body that is daring to disrupt yourself to maintain/become a leader of tomorrow.
CZ, Binance.com CEO
Binance - Best Exchange In Our Galaxy!!!
Agreed. :-)
Governments and central banks around the world need to adapt to this new technology or fall by the wayside. It's survival of the fittest. A paradigm shift in world economies is coming because of this democratising tool for money. Governments can either fight against this inevitable sea change or instead harness the power of blockchain and gain from it.
These are fascinating times we live in!
Well said... Honestly couldn't agree more.
@calebotamus reminding u to breathe easy😀 https://www.binance.com/?ref=17097130 use my referral to do some trading😂😂😁🤗
Zhao, your are a model of the Blockchain technology. What you and your entire team as been able to achieve is beyond impressive. We run a P2P training firm and offer a Binance course. It is the only exchange platform we offer this educational service.
How you handle so many operational crisis, your leadership insured the brands quality by the devotion to its members. Your social presence is key to this success, and your amazing transparency is the cherry on that wonderful Sundae.
Congratulations on a well deserved success.
Stephan T.
Operations Officer
Bitfinancialservices.com
Excellent write up! And great to see you on Steemit :)
Good post, the benefits of blockchain technology are indisputable. Education is what is needed. Education, education and again education. There's a lot of myths and bad press hurting the technology and governments lobbied by a traditional financial sector often fear it. And they have a reason to fear it because it's a disruptive technology.
Binance is thinking to decrease to 0 (zero) transaction amounts in the future?
@binanceexchange the time go fast! What we have to understand is that without #bitcoin there is no blockchain! for the blockchain to work we need to give it that value! The history of money has taught us that the best way to make a significant change in people with less resources is the consensus #blockchain is consensus!
Nice write up @binanceexchange, there are some who could have taken such opportunities as early adopters, but had no cash. They have no option but to sit and watch.
@binanceexchange thank you for this article. As you may see from one of my few posts, the adaption on my country to this new opportunity is something near and dear to me. I've even sent out social media messages pleading to my friends and acquaintances to pay attention to whats happening in cryptodom but I think they just think I'm losing it.
Your post has caused me to wonder if I am positioned to initiate the opening of a crypto exchange in Jamaica but I doubt I have the time or resources...just the heart. Great post though
Possibly the only exchange on steemit I this is probably the main reason binance is #1 as the are passionate about what they do and are very active in expressing this to the community! Communication is key! crypto is the present not just the future!
Upvote you upvote me too
https://steemit.com/family/@mattermaster/attending-mass-with-family-every-sunday-evening
Thanks for the article! I love to see how Binance gets evolved. From the past experiences it is clear that Binance operates on the users' side, and ultimately it will become decentralized with the centralized community inside. This model can be referenced by all following blockchain entrepreneurs and communities.. ;)
Please share knowledge in constant basis. Thanks again!