To try and reconcile the world of crypto with wider global blockchain adoption, one needs to be both brutally honest about the short term and confident about the long term. Or as Ripple CEO, Brad Garlinghouse recently opined: sometimes you need to step back and review the wider picture.
Garlinghouse made this observation following the recent crackdown from the Securities and Exchange Commission against Kraken and its crypto staking service Garlinhouse has made it clear he realises there are challenges ahead for the crypto industy, including Ripple’s quarrel with the SEC, but urged that we look beyond the near-term volatility and noise and analyse and look at wider adoption trends.
From legislative leaps in Brazil to consultation in the UK, global lawmakers are laying the groundwork for new era in blockchain investment.
Brazil: blazing a trail
Former President Jair Bolsanaro will have deeply controversial legacy, but one area where he did make a stride forward for progress was a in the realm of cryptocurrency.
His government signed a bill that legalizes and regulates Bitcoin (BTC) and other cryptocurrencies as a payment option in the country.
The bill passed in Brazil’s parliament allowed a platform complete framework for the trading and use of “virtual currencies” and For the purposes of this Law, a digital representation of value that can be traded or transferred by electronic means and used to make payments or for investment purposes is considered a virtual asset.
South Korea: Battle for crypto’s Seoul
In South Korea’s capital city of Seoul, the future cryptocurrency is being debated with 17 different crypto-related motions up for debate.
Among the proposals at this momentous crypto conflab are mechanisms for better consumer protection and rules around holding reserve holdings at exchanges to help put the lid on contagion risk.
The multi-aspect discussion will culminate in the Digital Asset Basic Act (DABA), which will provide a more holistic and comprehensive legal structure that will offer firm guidelines for the evolving South Korean crypto industry – it will also be a considerable milestone for blockchain adoption in the Asian region.
Meanwhile the South Korean administration has invested $200 million that is being invested in metaverse projects – demonstrating their fate in a blockchain-powered future.
Britain’s vies for hub status
Garlinghouse also pointed towards regulatory efforts in the U.K. as sign of a sea-change in adoption.
The British government are attempetning provide an opportunity for it to become a global crypto hub. Prime Minister Rishi Sunak has made is clear he wants the UK to be tech leader – but this means walking the line between consumer protection and fostering innovation.
Another key question is whether the UK can steal a march on the EU by having more an expansive regulatory approach which can attract fresh capital.
El Salvador doubles down
Meanwhile, El Salvador, following criticism from the IMF is not stepping back, but rather doubling down on its bitcoin adoption.
It has hatched a plan to open a “Bitcoin embassy” in Texas, according to the country’s ambassador to the U.S.
El Salvadoran ambassador Milena Mayorga announced recently on Twitter yesterday that he had discussed the concept with Texas Deputy Secretary of State Joe Esparza.
The Texas Secretary of State confirmed to Decrypt that they met with El Salvador’s ambassador to the U.S. “to discuss opportunities for cultural and commercial exchange.” Time will be the true judge of El Salvador’s grand blockchain vision.
