Regulation equates to progress. It is recognition of the impact that the technology underlying Blockchain, DLT and cryptocurrencies can and will have on institutions including Government and the Financial Services sector.
The challenges for Government are significant. The cross border nature of the technology and its capacity to move data and information at an automated scale never seen before. Coupled with the ability to bypass, circumvent or no longer require existing gateways and check points requires careful, measured consideration.
Much of the active discussion globally relates to issues arising from –
- Anti-money laundering (AML)
- Counter terrorism finance (CTF)
- Know your customer (KYC)
- Digital ID and Self sovereign identity (SSI)
The macro-economic implications are enormous. The issues require Government, allies and economic zones to consider and reconsider how they intent[boldthemes_highlight][/boldthemes_highlight][boldthemes_drop_cap type=”1/2/3″][/boldthemes_drop_cap][boldthemes_highlight][/boldthemes_highlight] to treat money and their sovereign rights in the context of ostensibly borderless protocol applications. Issues such as –
- Programmable money
- Decentralised finance
- Digital fiat currency
- Cross border payments
- Taxation receipts