Can Crypto Save Financially Sidelined Countries?

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It's well-known that Hong Kong's cryptocurrency exchange, Binance, recently announced its imminent move to Malta.

There comes a point when an innovative home-grown business is no longer welcome on its own turf and needs to move on. Sentiments aside, but business-wise it makes no sense to expend fruitless effort to bash one's head against a brick wall of backward and irrational rejection. It's too bad that frequently those in power clench onto the shreds of a status quo of things used to be, instead of embracing new business initiatives that actually would strengthen their authority and validate their leadership.

It is said that two people were incarcerated in the same tower. One with his face cast down and kept staring at the guards' boots wearing down the muddy courtyard. The other faced the sky and saw it full of moving clouds, sun, and flying birds. One saw the best, the other expected the worst.

It's ironic that today's descendants of the sky-watchers, whose ancestors once boarded creaking English ships and sailed the dark Atlantic for the unknown shores of North America, now rank and file get hung up on presumed threats, dangers, uncertainty and unwillingness to embrace the opportunities embedded in blockchain and cryptocurrencies. It's like saying that email and online payments are evil compared to the good old days of hand-quilled letters and leather bags of coins.

Little Giants

It's interesting that a small nation like Malta, though perhaps overlooked by history, is taking proactive steps to change its fortunes and already pioneering a regulatory framework that will establish it as the epicenter of blockchain development.

Binance CEO & Founder, Zhao Changpeng said: "After meeting with Parliamentary Secretary, Mr. Silvio Schembri, we were impressed by the logical, clear and forward-thinking nature of Malta's leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta."

Another interesting development in this sphere includes the founding of CryptoValley in the canton of Zug, Switzerland, where in 2013 Johann Gevers outlined his vision for a crypto technology hub having attracted leading crypto startups, and assembling an ecosystem of professional expertise to support this digital disruption model. It was in Zug that Ethereum (ETH) had its first Ether token crowd sale. Bitcoin Suisse began operating legal cryptocurrency brokerages from here. Also, the first Bitcoin (BTC) ATMs were deployed in this canton. To top it off, in 2016, the City of Zug became the world's first municipality to accept Bitcoin (BTC) in exchange for government services. Very progressive!

Earlier this month, the government of Puerto Rico, a.k.a. "Puerto Crypto", hosted Blockchain Unbound. This was a first-ever international conference connecting the island with more than 500 visionary entrepreneurs and investors in the blockchain, cryptocurrency and ICO verticals.

Some of the topics discussed revolved around blockchain-friendly legislation, cryptocurrency education and how decentralized ledger technology can transform the Puerto Rican economy, accelerating social, financial and infrastructure recovery after the devastating hurricanes Irma and Maria.

While many concede that the blockchain will shake up many industries, the technology may well have even far more reaching influence and shape the geopolitical and financial implications for many locations and countries that were sidelined by the old money and big powers of yesteryear.

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Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content

Comments (13)

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Irans central bank is thinking of issuing crypto coins as well

   0   Reply (1)   Follow(284)  

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    if you can't beat em then join em https://www.newsbtc.com/2018/04/30/iran-is-moving-ahead-with-local-cryptocurrency-development-despite-crypto-ban/

       0  

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      • Scott
      • ,  Member
      • 16 May 2018, 04:05 pm

      the Petro is the first ever cryptocurrency issued by a nation state.

         0   Reply (1)   Follow(284)  

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        https://news.bitcoin.com/venezuela-recruiting-citizens-mine-cryptocurrencies/

           0  

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          • John R
          • ,  Member
          • 16 May 2018, 04:05 pm

          He also said the ghost of late president Hugo Chavez came to him in the form of a little bird.

             0   Reply (1)   Follow(284)  

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            like a Twitter account?

               0  

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              President Nicolas Maduro is the source of the claim that his government\'s conversion into crypto raked in a cool $735 million

                 0   Reply (1)   Follow(284)  

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                In the old days, governments got the unemployed folk to dig ditches, now they dig for cryptocoins http://www.vicepresidencia.gob.ve/index.php/2018/03/15/879-841-jovenes-estan-inscritos-en-plan-chamba-juvenil/

                   0  

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                  • Alphids
                  • ,  Member
                  • 27 March 2018, 04:03 pm

                  There is no prophet at home-let Binance move to where its welcomed

                     0   Reply (1)   Follow(284)  

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                    money and labour goes to where it's welcome

                       0  

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                      Something needs to save these countries that are going broke, including the USA. Could be crypto...Just wipe out the 21 Trillion we have in debt and start over..

                         0   Reply (2)   Follow(284)  

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                        Perhaps it's not 'going broke' but that 'being made broken' is in someone's interest

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                          • Alphids
                          • ,Contributor
                          • 27 March 2018, 04:03 pm

                          could be indirect demand creation

                             0  

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