Towards The Token Economy — Governments Start To Adopt Blockchain Into Legal Frameworks
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Well, you can lead a horse to water, but you can’t make it drink. Many large countries around the world still see blockchain as a new type of technology, and so no need to rush to create legal frameworks. But some countries are now defining the required legal infrastructure around blockchain, and finding ways to integrate into their existing legal frameworks, and also provided increased trust in the new economy — the token economy. This world sees tokens being trading in the same way that we would pass financial transactions, but the need for banks to handle financial transactions will be much reduced.
The implementation of the regulations of blockchain and cryptocurrencies must thus aim to preserve the core of existing regulations within financial markets including for money laundering, terrorist financing, and cyber-enabled crime, but also not suppress innovation. The key requirement is for national regulation infrastructure and which builds on a total anonymous distributed ledger…
