This world is an ever-changing place, and things are changing dramatically from an economic viewpoint. Countries like the USA and China, are entangled in a tense war of trade where hefty charges have been set on goods causing difficulty for both companies and consumers. Cryptocurrency and blockchain have influenced nations worldwide. Many of the countries have involved themselves in Bitcoin mining. In this article, we will see some impact of blockchain and cryptocurrencies so far.
Blockchain And Cryptocurrency
Cryptocurrency and blockchain are two different things. Blockchain can be referred to as a series of states of a distributed database, with each containing the previous state and further includes information to verify that the previous state’s transition is an original one according to the system’s rules.
A “cryptocurrency” is entirely a digital asset whose ownership’s root record is controlled by a system whose members execute all the rules of the system by their own decision to do so, and wherein no central authority has the legal power to force the system to be operated in any particular way.
Impact Of Blockchain Technology Worldwide
Every geopolitical drama produces two effects. Blockchain can ruin the markets, washing away billions of dollars and changing the employment rates worldwide. On the other hand, it is helping some enthusiasts to support blockchain and cryptocurrency genuinely. These enthusiasts suggest that cryptocurrency could make international payments cheaper and faster while promoting trade among nations.
That said, blockchain technology and cryptocurrency are building new geopolitical challenges. An advanced group of hackers are launching cyberattacks on significant exchanges in neighbouring South Korea and other parts of Asia which has wasted millions of dollars. India has also been established in its decision to shift towards a crypto ban. This could have implications for Facebook likes, which is expecting to start a stablecoin from which the unbanked would get the benefit. Facebook’s Libra project has also built tensions worldwide, including countries like E.U. and USA. These nations have a fear that cryptocurrency could undermine traditional payment infrastructure and surpass both the euro and the dollar.
Regulation On Cryptocurrencies
A significant factor that is keeping cryptocurrency back is the fragmented and disjointed approach to regulation worldwide. Although countries like India have strict punishment for anyone found dealing with these tokens and coins, the likes of Canada and Japan have been far more laidback. These nations are boosting innovation, allowing the use of Bitcoin to pay taxes, and introducing new regulatory systems where crypto-enthusiasts can examine new cryptocurrencies before being launched.
There is a genuine and urgent divide when it comes to the beliefs surrounding blockchain technology and cryptocurrencies. Some nations have incredible caution surrounding cryptocurrencies as they could harm vulnerable consumers. With that said, politicians are horrified by the negative attitude being adopted towards the industry.
In part, this hope for a pro-crypto attitude lies in fears that several countries may start developing their own central bank digital currency, which will establish dominance earlier. China is one such country, which has already set to begin on the usage of blockchain technology at the behest of President Xi Jinping.
What Future Does Cryptocurrency Hold
These conference’s organizers state that their objective is to provide each gathering to the specific needs of attendees. To that end, some main speakers of the event are going to be taking time to answer questions both offstage and onstage. Opportunities for extensive networking are also on offer, allowing representatives to investigate into areas of specific interest and build significant connections.
Although the Crypto Finance Conference is in progress, still it has already launched a series of sessions that will engage anyone who is looking for geopolitical events in the industry. On the first day, the conference will study the global impact of blockchain technology and cryptocurrency and provide their future prediction. It is also uncertain that the talk on central banking’s evolution will explore the views that countries all over the world are adopting when it comes to cryptocurrencies from Libra to Bitcoin. Global regulatory frontlines will also share their stories.
Conclusion
In this article, we have seen some significant impact of blockchain and cryptocurrency worldwide. Cryptocurrency has always involved itself in bringing challenges to nations like the USA, China etc. Bitcoin has so far been the most powerful cryptocurrency worldwide. Today, there are several updated Bitcoin news available online. Bitcoin has gained the market capitalization of about $132 billion and has gained attention worldwide. Although countries like India have put strict regulations on the use of cryptocurrencies, Canada and Japan are encouraging its use by allowing people to pay taxes through cryptocurrencies. They have also created a suitable environment where innovators can introduce new cryptocurrencies. With that said, blockchain and cryptocurrency hold a bright future, and we can hope that it will be adopted by all countries in the coming years.
