A CALL FOR POSITIVE REGULATION ON CRYPTO BUSINESS THROUGH STAKEHOLDER DIALOGUE
CRYPTO CURRENCY STILL INFANT
Over 40 years of computing advancement, history has shown that the interest of early adopters of technologies tends to be hobbyists, followed by consumers, who are followed by businesses and finally governments.
Given that Global stock markets capitalization is currently over $70trillion, Cryptocurrencies can still be considered at its infancy due to its current market capitalization far lesser than $1trillion compared to other financial markets in the world at the time of writing.
In this regards as quickly as Crypto currencies like bitcoin and altcoins are now penetrating consumer wallets, businesses and governments must forge mutual grounds to co-exist through positive regulations
Blockchain Technology is a TRUST System that dates 10years back and clearly has a use case globally just like the Mobile Money System. The use of blockchain technology is not limited to cryptocurrency. It can also be used to tokenize everything including property, administer elections, validate all forms of ownerships etc. Universal, Ethereum, EOS, WAVES are examples of blockchain technologies currently in use.
The development prospects of Blockchain markets are tremendous. According to a report by the World Economic Forum, several financial institutions and companies, governments and venture capitalist have invested more than a billion dollars into blockchain startups globally.
Distributed Cryptographic ledgers back cryptocurrencies exceeding a cumulative $140billion in value at the time of writing. Cryptocurrency, especially bitcoin has the potential to become the world’s default currency in the future due to its underlying Technology called Blockchain. This creates the pressing need to focus attention on Positive Regulation and play a proactive role in this emerging market. Positive regulation could be achieved through a dialogue with stakeholders to ensure easy compliance and avoidance of regulations that can kill innovation and entrepreneurship development as this emerging market is key to private sector growth.
WHO IS INVESTING IN CRYPTO CURRENCY AND SOME GOVERNMENT USE CASES
The Inventor of the first web browser Netscape says: Blockchain Technology will impact the world more than the internet has. Sir Richard Branson hosted the greatest minds in Bitcoin on his private island to discuss the future of Blockchain technology and has personally invested over $30 million into Bitcoin Startups so far.
Christine Lagarde, the managing director of the International Monetary Fund (IMF), has said central banks throughout the world should consider issuing digital currency to make transactions more secure.
The State of Estonia has issued over 1000 licenses to small and larger crypto exchanges and wallet services providers. The State of Ohio now permits bitcoins and Altcoins for Tax payments etc. I can go on and on.
EDUCATION, ADVOCACY AND DIALOGUE FOR POSITIVE REGULATION
Our team have been looking for an opportunity to engage SEC in a dialogue to prepare the way for Positive Regulation in this emerging global market of Cryptocurrency. We have an educational project (Digital School Of Money) that will be relevant to aid this course in helping to come up with a draft document that can help SEC in preparation to ensure a well-structured and business friendly fintech space devoid of scams and irregularities.
There are test cases in other countries worth emulating. We can commence with self-regulation and proper streamlining to ensure the emerging market is well-managed and the state can also rake in tax revenues as other first-class economies or smart cities are doing currently.
I granted an educational interview in advocating a POSITIVE REGULATION. We believe the public needs more education in order to cooperate well with SEC on mutually beneficial grounds that will not hinder innovation and enterprise development.
Smart cities are moving ahead with these emerging technologies to enhance payment systems and we cannot be left out because the world is now a global village.
SECURITY AND EXCHANGE COMMISSION'S PUBLIC NOTICE
With Reference to SEC’s last public notice on Cryptocurrency trading in Ghana (March 29, 2019 https://sec.gov.gh/public-notice-on-investment-and-trading-in-cryptocurrencies-and-their-digitalplatforms/ ; we avail ourselves of a proper dialogue with stakeholders in this emerging market.
Our team of experts are willing and ready to educate the public and share some policy directions or draft documents that could be considered going forward to help SEC and other Government Functionaries in administering a Positive Regulation for Crypto Businesses.
We believe in the SEC’s call to caution the public in dealing ignorantly in cryptocurrency as it resonates with our mandate to help bring clarity to the huge ambiguous public commentary within the media space.
That notwithstanding; it is important to note that Cryptocurrency is not a Scam; it is gradually taking over the remittance industry in the world. The earlier we get prepared as a country the better.
There are qualified Ghanaians who are competent enough to help the SEC regulate this emerging market.
This is the time to prepare for the fintech revolution. Bitcoins and Altcoins are already being used in paying taxes in some countries.
Cryptocurrencies are payment systems. However, businesses trade them as investment opportunities and these needs regulation, education and training. What is required in Ghana is Positive Regulations. We are there to avail support. Irrespective of the fact that some people have been victims of scams because of ignorance, there is an opportunity to educate the public going forward. Let’s have a positive dialogue.
Bitcoin and cryptocurrencies are here to stays, said Jeff Sprecher, chairman of New York Stock Exchange.
BY: JOHN NANABANYIN YEBOAH-GHANSAH
(An Award Winning Agribusiness & Fintech Entrepreneur;
Blockchain and Crypto Currency Expert)
WhatsApp: 0243220019 Call: +233246383297 Email: [email protected]