When we look at crypto in isolation we tend to overlook the underlying blockchain technology that brings with it a sea of benefits.
The blockchain technology can be seen as an effective way of doing things more efficiently and it also means we have the opportunity to create digital infrastructure to establish workflows that streamline processes and procedures.
With the advent of computerization we as a race moved from doing everything on paper to doing things faster on a computer.
As more powerful computers emerged the use cases for client server computing came to life. These main computers were powerful and became the de facto method to save information and do computing.
All this time the IT industry revolving around computers and softwares grew tremendously around the world.
All this became possible because the governments did not oppose the use of computers. They did not come out to make statements like we would put you in jail if you are found using or having a computer.
They could have suppressed the industry by levying big duty on computers and its spare parts.
The governments that were quick to perceive the value addition that the use of computers can bring to its citizens and the country as a whole took a stance to promote the use of computers.
As the model around the client server technology became popular this model gained traction and on the flip side of the technology was the risk of centralization.
A single point of failure could bring the entire operation to a grinding halt.
Yet we as a race and community started becoming dependent on this tech.
The birth of Bitcoin
Even though the birth of Bitcoin is seen as the starting point of an alternate monetary system that came into being at the 2008 banking collapse of 2008.
It took a couple of years for this idea to gain popularity and move from the realm of geeks to a more mainstream adoption.
Is crypto an opportunity?
In the context of technology crypto derives its intrinsic value from the underlying blockchain network.
Thus today when we hear about crypto regulations we must also think about the underlying blockchain technology that can be used in a number of ways.
The adoption of blockchains in various industries can help give a boost to the efficiency of these industries as well as create a lot of job opportunities.
In case we talk only about controlling crypto in a country then what would be the outcome of such a drive?
This would not be the first time that a government would try to control crypto. The previous attempts have been to ban mining by putting high tax on trading crypto.
As compared to such a controlling approach some countries have taken a very different stand. Instead of controlling they have a welcoming approach towards businesses and individuals that want to develop blockchain and crypto based businesses.
The result is that a lot of entrepreneurs are being drawn to such places. As new and progressive businesses are developed in these countries more revenue would flow into the country. This would give a boost to the GDP as well as lead to generation of new jobs both directly or indirectly.
On the other hand, countries that want to merely tax or ban crypto may end up witnessing a brain drain and some of the skilled workers would migrate out for greener pastures abroad.
Final thoughts
Both crypto and blockchain technology is inseparable and represents a field of work which offers tremendous opportunities.
It is entirely up to the government to embrace and welcome the new tech with open arms or shut its doors to a great opportunity.
Do you prefer your country to be crypto friendly or crypto controlling? Alternatively given a choice would you like to live in a crypto friendly country?
Do share your views as a comment below.
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