When Wider Economy Struggles Cryptocurrency Will Be Used To Move ValueJune 14, 2019
The crash of the cryptocurrency did not put an end to the blockchain. In the current scenario, the opportunities for blockchain are filled with incredible possibilities. All industries are looking to leverage the blockchain technology, whether it be finance, artificial intelligence, finance, or energy.
The IMF had recently stated that American Economic Expansion is in the face of “unsustainable debt dynamics” A bear market is surely coming for the USD; however, it is only about when it is happening.
When fiat currencies falter, people will turn towards blockchain technology to transfer value across borders. When the more extensive economy struggles, cryptocurrency will be used to move the amount.
E-sports is considered to be one area which will legitimately accept the blockchain technology. Multiplayer systems are expected to take advantage of cryptocurrency payment systems. However, it has been widely seen that the gaming industry has already adopted it to a greater extent, particularly the blockchain technology.
The US is currently following a “wait and see” regulatory approach. Regulators want to crack down on the scam cryptocurrency projects. They were not interested in standing in the way of the progress of the blockchain technology though. Lawmakers are maintaining their distance as they do not want to make the wrong move.
While governments will have little to do with cryptocurrency, they will have a lot to do with stable coins. Each government will want to have a stable coin. Investors who do not want to completely trust liberated currencies like Bitcoin will want to invest in stable coins.
Blockchain technology is too diverse, and it is more than just a cryptocurrency. The changes brought about by the blockchain technology are a guaranteed happening. However, with cryptocurrency, we need to see how the vast majority are reacting towards its acceptance.
In the past couple of years, Wyoming enacted nearly 13 blockchain laws, and a raft of proposals are on their way.
Tyler Lindholm, a state representative, stated, “It’s been good for Wyoming that the federal government has been proving its stripes of incompetency.”
Facebook has been recently talking to several companies in a task related to crypto payment systems. The company is as well working with regulators to ensure that they do not get into issues with regulations.
Facebook is expected to leverage a “tax data honeypot” for many governments to establish a regulatory border for executing its crypto payment system. The power of the corporate in the context of money is heating debates.