What Countries Around the World are Doing to Facilitate Blockchain Tech Development

12/07/2019 |
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If there is anything that doesn’t change in this world, it’s the change itself. That’s why no matter how hard it can be, we should always find a way to accept and live with any change. This is what is happening with new technologies like blockchain. Other than being the technology behind different digital currencies, blockchain has enormous potential in different areas of our lives. But, years since its introduction, many countries and governments are still hesitant to incorporate this ground-breaking technology into the different sectors of the economy.

There is some good news though! The popularity of cryptocurrency trading and other blockchain solutions are gradually becoming wider and wider. The beginning of 2018 saw digital currencies being firmly established in the territories of several countries. In Japan, for instance, the Japanese Yen is used widely for Bitcoin (BTC) trading. Moving over to Switzerland, a Swiss bank Hypothekarbank Lenzburg now offers their services to selected crypto and blockchain companies. This is in a bid to promote the development of current financial technologies in the country.

Another country that is bolstering the development of blockchain is Malta. Also known as the blockchain island, Malta was the first country where a decentralized stock exchange and bank were established. This was after Binance, one of the most popular crypto exchanges launched its office in the country. Malta has since received tremendous growth for different ICOs and blockchain projects.

How Taiwan is Creating a Blockchain Island

In Taiwan, the government recognizes that the blockchain technology has the potential to transform the island’s economic growth. The government, headed by Congressman Jason Hsu is currently negotiating for friendly regulation for crypto and blockchain startups. The country wants to integrate this technology on a national level and promote its use on applications other than cryptocurrencies.

Who is Jason Hsu and How Does He Plan to Transform Taiwan into a Blockchain Island?

Jason Hsu of Taiwan is a prime example of a radical promoter of blockchain and cryptocurrency uses on Self-Regulatory Organizations (SROs). Before joining politics, he worked in the office of the prime minister as an advisor focusing on implementing innovation and technology-based policies. He became a legislator in 2016 and focuses on technology even in his current role. He has since helped formulate legislation related to cybersecurity, digital economy, and autonomous vehicles among others.

Jason believes that laws should be amended to accommodate technology disruption and its impact on our daily lives. He also believes in creating a conducive environment where ideas can be analyzed and incorporated into the current ecosystem.

Jason Hsu is currently focused on remodeling his country into a blockchain island. He intends to do this by bridging the disparity between technology and public policy. By so doing, Jason will be removing the legal barriers to technological advancement in Taiwan.

As a congressman, Jason drafts legislation that promotes and encourages blockchain and financial technology. He has since published a number of draft recommendations aimed at helping crypto start-ups in the country. He also helped formulate and pass the Financial Technology Experimentation and Innovation Act, a historic bill that welcomed a new era for the country’s fintech industry.

How is the Sandbox Bill Useful?

Approved in December 2017, this Regulatory Sandbox Bill allowed certain crypto and blockchain companies to operate for a period of one year without any regulatory risks. In a way, the bill was a message that the country welcomes crypto and blockchain. It is this bill that earned Jason Hsu the title “Crypto Congressman.”

It is clear that countries around the world are realizing that blockchain has significant economic potential and are working hard to advance its adoption. Cryptocurrency and blockchain technology are now being implemented in different areas of the economy including healthcare, finance, quality assurance, global payments, energy supply, and supply chain management among others. Indeed, the sky is the limit with this technology.