The notion that blockchain, certainly, and even cryptocurrencies and forms of digital currency, will be part of the next 10, 20, 30 years seems almost accepted and ingrained globally now. The Chinese, for instance, has stated that they will be focusing on blockchain as part of the fourth industrial revolution.
As China looks to put its effort into blockchain and even the associated facets, the other side of the coin, in the West, is not so keen on embracing the technology. The US has been labeled as accepting of crypto, but strongly stifling of its potential.
This has led to an arms race developing between the US and China, but one that is quite comfortably being won by the Eastern powers as it stands. But, this is not for lack of trying by the US, rather it is currently being held out by the existing legacy.
The tweet from President Donald Trump on his thoughts about Bitcoin earlier this year sent shock waves through the cryptocurrency community, but it also showed a lack of know-how for the future of payments.
That being said, his competition for the White House is strongly opposed to these kinds of views. Andrew Yang is one presidential hopeful who has been loud and proud about his belief in crypto and blockchain.
He has now gone as far as to outline his cryptocurrency regulations plans, which, unsurprisingly, are a lot less stringent than the current set up.
He wrote a blog post on the tech industry that cryptocurrencies experience the levels of fraud that they do because of a lack of adequate regulations. He explained:
“Other countries, which are ahead of us on regulation, are leading in this new marketplace and dictating the rules that we’ll need to follow once we catch up.”
Yang is of the opinion that crypto needs to be regulated, but it needs to be done in a manner that promotes innovation. This was further made clear by his stance on the way Facebook’s Libra has been treated.
“It’s embarrassing to see the ignorance some members of Congress display when talking about technology, and anyone who watched Congress question Mark Zuckerberg is well aware of this. Without a base level of understanding, it’s unreasonable to expect proper regulation of major tech companies, or the drafting of legislation that addresses the critical technological issues that we’ll continue to face in artificial intelligence and cybersecurity,” Yang said of the hearing involving Facebook CEO Zuckerberg.