In a relatively short 12 years, beginning from the paper called Bitcoin – A Peer to Peer Electronic Cash System back in 2008, to the first transaction of value of 10,000 Bitcoins for two pizzas in 2010 and, to the current total Market Capitalization value of more than US$380 billions for the top 200 cryptocurrencies as reported in CoinMarketCap on 1st September 2020, the growth in decentralized cryptocurrencies and blockchain adoption is nothing short of phenomenal.
What is interesting is that for the first time in history, start-ups leveraging on such technology are no longer confined to a specific country or locality to gain traction for growth. “Silicon Valleys” are no longer essential for such start-ups. For better or worse, anyone equipped with the techno know-how can start such a company anywhere in the world.
Despite of the high growth rate, obstacles for mass adoption of cryptocurrencies are plenty. We will specifically explore cryptocurrency and the level of openness in some countries towards it.
Regardless of the technological benefits behind blockchain, the main factor is still that a big part of the adoption is driven by the cryptocurrency that is closely related to this technology.
Therein lies the challenge.
Any country will definitely want to regulate cryptocurrencies if it has an impact on the currency flow of that country. This is contradictory to the intent of decentralization behind cryptocurrencies. What decentralization means is that no third party is involved in nor has control over the transaction. There is complete privacy in the transaction. This is the crux of blockchain technology.
So, are those exposed to the benefits the blockchain innovation and the potential of cryptocurrencies at the mercies of their government before they can be a part of this future?
To a certain extent, that depends on the following:
- Does the government have any policies regarding cryptocurrency use?
- Does the Central Bank have any restrictions on cryptocurrency transactions?
- Does it allow trading of such cryptocurrencies on Centralized and Decentralized Exchanges?
- Is there a way for users to withdraw cryptocurrencies to their accounts?
To answer these questions, we’ll need to travel around the world to have a look at some of the countries that will have a global influence on the mass adoption of cryptocurrencies and see how they approach this issue.
This article is the first of a series of articles. In subsequent articles, I’ll write about the different countries and provide a brief update on where the governments of some of these countries stand.
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