This is an interesting question to grapple with given what is happening within the EU space in regard to crypto currencies and blockchain technology.
In the first place the German ministry of finance took the lead late last month by becoming the first major sovereign EU country to accept crypto currency payments.
Right about the same time there is rife talk about regulation from reputable voices within some EU member states point in case the Dutch finance minister Mr. Wopke Hoestra see: Dutch Finance Minister advocates changes to European Crypto Laws! where, he argues that the current crypto regulation framework is weak and inadequate to protect the growing number of Dutch citizens investing in crypto and hence advocates stronger regional and international regulatory frameworks to be put in place.
Never the less it is important to highlight other important arguments being advanced by other major EU leaders such as Mr. Andrea Enria, the current chairman of the European Banking Authority! EBA who advances the argument that rushing to cut out regulations for the crypto world would in a way alienate the EU from witnessing and harnessing the advantages that an open market provides in this space. Thus preferring to take a moderate approach toward mapping out a regulatory framework since this industry is very new and dynamic. In this case, restriction would stifle the innovation in the crypto currency space.
“Rushing to cut out regulations for the crypto world would in a way alienate the EU from witnessing and harnessing the advantages that an open market provides in this space.”
It is interesting to see what form of regulatory policy the EU comes up with in the next few months. However I am more than certain that the cat is out of the bag with Germany having taken the move to accept crypto currencies as a means of payment. My bet is that a formula is being carved out to keep the Banks relevant since they are a major industry that the EU has relied upon for its influence abroad.
Looking forward to have your thoughts and comments.
NCN
New Crypto Nomad.
It is interesting indeed to see what's EU's first move due to its HUGE influence. Financial institutions won't go down without a fight! There's a LONG struggle ahead for the cryptospace.
Yeah that seems to be the case but interestingly there are strong arguements for and against regulation from high profile people as pointed in the article. We are yet to see how this plays out.
I think places that will innovate will do so out of necessity. Countries that have little advantage in the current sector will be more likely to experiment with cryptocurrencies.
Look at the smaller countries to try new things and the bigger countries will likely "see what happens".
Large institutions like the EU and U.S.A. will likely take a conservative approach. The smaller countries or states may be a safe-haven for cryptos in the future, because that may be their only advantage. You already see this happening in Switzerland and Wyoming.
Of course, the EU and U.S.A. won't idly stand by, they will watch and observe until they have enough data to make regulation favor their institutions. They aren't doing that right now because they don't know how to best take advantage of crypto.
No doubt about that!! This gives smaller countries a chance to play big ball given the dynamic nature of the crypto space. By the time the EU and US realize this they will be playing catchup!!
I think so! It's about time that, with the help of technology, the little guys can get ahead! Very exciting times!
The government should take more steps for developing country. On the other side government should have a lot of responsibility for his duties. A country can not improve without government's helps.
@@@@@Upvote Sir.......
Like Iearlieron stated, I think it is a great opportunity for small developing countries to evolve with the crypto space. They will certainly reap many benefits from this dynamism.
Maybe the crypto-universe will develop like the relationship between the movie and music studios and online users, where the powerful first defend their income streams as they have been for decades, but after a long struggle do well with a changed business model they could have had to begin with had they adpoted to users' response market disruption.
Of course that is a possibility but the early adopters will stand to gain more from this whole experience!!
Indeed. What happened in the entertainment-industry case, only amplified.