Attitude to cryptosphere all over the world. Some countries see the cryptocurrency a chance to attract investment and create conditions for economic growth, others, however, believe that the cryptocurrency could undermine the stability of the financial system and lead to crisis. Bitnewstoday asked the experts cryptocurrency market, what parts of the world are “safe harbors” for cryptomery, and where should not even say the word “crypt”.
Which countries cryptomeria say “Welcome”?
As experts have told us, Gibraltar, Malta, Japan, Norway, Estonia and Switzerland are the most friendly countries towards cryptocurrencies and cryptomeria.
“These countries tend to grant asylum to cryptomery, creating loyal legislation for them. These States understand that cryptocurrency will be included in our society, and provide a friendly-minded countries many additional ways to generate income”, says Luis, Adimando, co-founder and chief strategy
Praetorian Group (PAX).
Experts stress that there are countries and regions that fully understand what the blockchain revolution. For example, Zug, Switzerland where it was established Cryptocoryne.
To the “quiet cryptogram” market participants also include Malta, Isle of man, Bermuda, the Marshall Islands, the United States. Experts believe that these States are going to win cryptohome without any investment. They understand that the best approach to forming a system for the regulation of cryptosphere is non-interference. Thus such rules will help to keep governments, according to cryptoanalysis.
In addition, Kristoffer Nelson, co-founder and COO SRAX, said: “the Countries friendly adjusted in relation to cryptocurrencies, I see the possibility of economic and technological development and want to benefit from it. At the same time, it is important to remember that the ICO themselves are not innovation – they are a mechanism for attracting funding. The real innovation is the blockchain”.
It is worth noting that the most friendly to cryptosphere customized small States do not have a strong financial systems. These countries are easier to adopt and implement new technologies.
Where love cryptosphere?
Of the country where it is forbidden cryptocurrencies in jail for bitcoin
Experts said that the most unfriendly countries towards cryptosphere are China, Korea, India and Russia. Russia is trying to create a control system for cryptocurrencies and ICO, however, very difficult to control a decentralized system.
China and India apply to the cryptocurrency ICO’s policy of “iron fist”, creating prohibitions and dramatically speaking out about the industry. However, some analysts believe that in China, the passions gradually decreased, as President XI Jinping in his recent speech called the blockchain technology is revolutionary. In addition, easing towards the crypt of the market participants expect from Korea.
“Countries that are afraid of losing control over the monetary independence of its citizens, often afraid of scriptorially. Most governments are afraid to show their inconsistency by creating rules of the game, the implementation of which they will not be able to provide. The development of fear cryptosphere countries and regions, which are large financial institutions, whose history totals not one decade. Of course, the blockchain and cryptocurrencies pose a threat to their business models”, says Nick Spanos, founder of Bitcoin Center NYC.
The pillars of Italian business choose blockchain
Along with this, Loretta Joseph, member of the presidential group of advisers of the Organization for economic cooperation and development, Shyft chief adviser and Chairman of the Australian Digital Commerce Association (ADCA), said: “it’s Hard to name a specific country that strongly opposed cryptosphere. Even some of the countries of the skeptics in this matter began to use blockchain technology”.
What are you afraid of the government?
In preparation of the material Bitnewstoday interviewed not only market participants but also regulators of different countries on the subject of what threats cryptosphere and blockchain technology creates for the traditional financial sector.
So, Mike Berlin, international spokesman for the German Finance Ministry, said: “because Of the small market capitalization of bitcoin and other cryptotokens and their limited relationship with the financial sector, we do not currently see any risks to financial stability. However, we believe it is appropriate to continue the discussion of the risks at the level of the G20 and to monitor closely the development of events”.
The UK Bank also expressed that cryptosphere does not create a threat to financial stability. “The FPC believes that the existing scriptactive not currently pose a significant risk to financial stability in the UK. FPC will act to ensure the sustainability of core financial system in the UK in the case of a significant strengthening of ties between scriptactive and systemically important financial institutions and markets. In that case, if one or more of scriptaction will become widely used for payments or as assets held for store of value, the FPC will require the application of existing standards of financial stability for relevant payments and exchanges”, – said in the Bank of UK.
The financial world will never be the same
In addition, Denis Filippov, head of payment systems Department Bank of Latvia, said that cryptocurrencies play a role in the modern economy, allowing the creation of new business models and add flexibility to existing ones. Of course, this also helps cybercrime victims, and facilitates payments to cybercriminals, as well as promotes the conversion of cybercrime in the service.
Currently, while the international community and most countries did not have a clear view of the cryptosphere, necessary to carefully select the jurisdiction of cryptomnesia. In any case, this issue is best to consult cryptosystem.