Blockchain Task Force was launched last year by the Finance Minister of Bermuda, David Burt. It encompassed an Authorized and Regulatory Working Group which would make sure that the country is creating a blockchain-friendly environment for concerned startups. After four months, Burt came up with another creative idea, which was to make certain that Bermuda is regulating ICOs for the first time in blockchain history.
David Burt Views About Blockchain-Related Issues
A statement was published on the official website in which talked about the global developments of blockchain-related matters and also the felonious activities that have been recorded in such areas. While discussing this issue, Burt noted that there’s no doubt that these violations have already existed but the technology behind these advances could unsettle traditional methods without any difficulty.
This is the main reason why it has become so essential for the government to deliver an authorized framework because it will make sure that people are not crossing the bounds of the specified regulations while making advancement in their projects. It’s been stated that:
“ICOs have been used to enhance existing product and service offerings and to develop and implement new ones, all without the added costs and burdens of having to hire expensive middlemen to arrange transactions … Bermuda has an opportunity to become a global leader in the Fintech space by being one of the first countries in the world to specifically regulate ICOs. “
ICOs: Limited Trading
Few adjustments will be made in the current Bermuda Laws and a bill will be drafted after that. The finance minister will concede permission to ICOs, and after that, they will be permitted to work legally. But for passing this step, ICOs must have to provide details about the people who are handling the project, roadmaps, hard cap, soft cap, future product development and information of the digital asset.
What should be the next step of Bermuda?
Even though many countries have imposed strict rules and have banned such activities, Burt still suggests that Bermuda should leave its comfort-zone and accept technological revolution there. The parliament of the country is requested to have a discussion on this subject immediately, though, the statement hasn’t specified any date. Burt also highlighted the opportunities that have been set down by blockchain industry and stated:
“We will not stand in the shadows and watch it pass us by.”
US markets are celebrating as Bitcoin price soars above $2000 for the first time in history. Bitcoin’s price has surged more than 100% this year and nearly 125% since hitting an annual low of $891.51 in late March. Due to the price recently hitting new heights, the price appreciation will increase dramatically as well.
Growing trader interest
The advantage of such sharp price gains is the rising interest of traders as measured by trading volume at major exchanges. Both Kraken and Poloniex had reportedly announced that they were experiencing surging bitcoin transaction activity.
A number of factors have been driving the rally:
- Trading volumes of Japanese yen and Korean won have escalated and account for around 48.6 percent of trading, according to stats from website CryptoCompare. That’s thanks to a recently passed law that allowed retailers in Japan to begin accepting Bitcoin as a legal currency. Since then, Japan has been a big driver of bitcoin trade.
- Bitcoin has acted as a safe option, in the past, for investors that worry about political instability and the performance of other asset classes.
- A debate within the bitcoin community about the future of the technology behind Bitcoin known as the blockchain has been taking place. At the moment, Bitcoin transactions are taking an unusually long time to process and come with high transaction fees. There was fear at one point this could lead to the merging of two different cryptocurrencies but those doubts have largely subsided with an alternative, more acceptable option being put forward.
All these factors add up to the rise in Bitcoin’s value in the shortest of time. According to CoinDesk, several billion US dollars have flowed into bitcoin last week, bringing its market value to more than $37 billion. In the end, as Bitcoin grows to gain more popularity and accessibility around the globe, its price will continue to soar as high as it can go.
At a time when bitcoin surpasses $17,900 and its market cap nears the $300 billion mark, regulations are apparently turning into a popular way for governments to cope with its existence. Recently, A German financial specialist Clemens Fuest expressed there are “solid reasons” to control digital currencies like bitcoin while talking to CNBC.
Fuest, the President of the Ifo Institute for Economic Research, stated that the market shouldn’t be permitted to fly individually, as according to him there’s a case for controllers to investigate bitcoin because of financial security and monitory policy, as well as its use.
Amid a telephone call, the German market analyst brought up that, with the cryptographic money, “payments can be made with almost no supervision” and suggested that this implies the digital currency can be utilized for tax avoidance or illegal activities.
Fuest also added:
“I think there are solid reasons, beyond monetary arrangements, to regulate bitcoin more closely.”
Fuest’s words come at a time in which the stock trade administrator Deutsche Borse is apparently considering whether to make Germany the primary European nation to list Bitcoin Futures Contracts on a regulated platform, and in which regulators are cautioning investors about the potential dangers of putting resources into digital forms of money and ICOs.
A European Central Bank council member Ewald Nowotny recently expressed that national investors and administrators are peering toward digital money regulations. Nowotny’s remarks came when bitcoin was trading at a then untouched high of $8,100 and included that investors must comprehend the item as “it resembles buying shares on stock market… individuals investing in this item can suffer losses and if that happens, they simply need to acknowledge it.”
Fuest isn’t the only analyst that communicated his perspectives on bitcoin. A month ago, Nobel prize-winning financial specialist Joseph Stiglitz stated that bitcoin “should be banned” as, according to him, it “doesn’t serve any socially useful function.” Earlier this month Nobel laureate Robert Shiller anticipated a bitcoin crash, stating that it “won’t go to zero, but will come down.”
However, not everyone is bearish on bitcoin and other cryptographic forms of money. Israel’s Prime Minister, Benjamin Netanyahu, an MIT graduate and former financial expert, recently questioned whether or not bitcoin can crush banks. John McAfee, a cybersecurity pioneer, raised his bitcoin value target for 2020, making it $1 million – and even bet his masculinity on it.
Due to a number of reasons cryptocurrencies are becoming intensely popular form of internet money. The main reason for that can be no other than the fact that unlike conventional currency cryptocurrencies are safe, anonymous and completely decentralized. Moreover, their flow totally depends upon the market demand. Due to the Blockchain technology and the so much complicated code system, it is also impossible to counterfeit them.
Views of Twitter CEO about the Future of Bitcoin
In an interview with The Times, Jack Dorsey, the CEO Twitter presented his views that there are chances that Bitcoin will become world’s single currency in the future. When asked for the time frame, Dorsey said that it may take further ten years. He further exclaimed that no matter how much time may take, but a day will come when the world will ultimately have a single currency, and the name of that currency will probably be Bitcoin according to him.
Role of ‘Square’ in Promoting Bitcoin
Jack Dorsey is also the CEO of world famous payment service Square, with this regard he has a keen eye for online transactions and the internet money flowing from one place to another. Jack Dorsey is personally very much interested in the rise of Bitcoin. According to one of his previous statements, his company Square will try its best to focus on options to interact with Bitcoin via their Cash App. Jack Dorsey believes that it will become a “transformation technology” for the internet technology.
Level of Jack Dorsey’s Trust in Bitcoin
Being a personal investor of Bitcoin, Dorsey believes that time will soon come when cryptocurrency especially fractions of Bitcoin would be used for buying simple things like coffee and other everyday purchase. Not only Bitcoin, Dorsey has also invested in ‘’Lightning Labs’’, which is working hard day and night to make the use of bitcoin much more faster and easier. Last week, Lightning Labs, released its first Bitcoin ready LN implementation. Due to this implementation free and frequent Bitcoin transaction has come closer to reality.
When asked about the scaling issues faced by Bitcoin right now, making it “slow and costly,” Dorsey answered that though it is a fact right now but with the passage of time new solutions will resolve that problem too. He further explained that when more and more people would have an easy access to Bitcoin, things would start to improve gradually.
The acceptance of Bitcoin by companies like Square, has probably led to future investment opportunities in it, further fueling its journey to become a single currency worldwide.
A number of individuals are directly involved in the acceptance of the Bitcoin around the world. There is a compiled list of folks, who make sure that Bitcoin is the future of the digital world. They admitted and make investments in the bitcoin.
Satoshi Nakamoto (Father of the bitcoin)
A person anonymously created a worldwide cryptocurrency, and still, it is a mystery that who is Satoshi Nakamoto. A white paper introducing and describing the Bitcoin, published in 2008. Whereas, first Bitcoin software was released in 2009. But at the mid of 2010, Bitcoin software was conferral to the Gavin Andresen. Where the reason behind this act was the contact between Nakamoto and Bitcoin community getting fade. While other domains of the bitcoin were controlled by the other member of the bitcoin community. The rumor about Nakamoto is that he has one million bitcoins, cost over one billion dollars.
According to Bitcoin news, the identity of the real Satoshi Nakamoto is still a mystery. Some think that Satoshi is an individual while other’s think Satoshi Nakamoto is a name of a team.
Mark Karpelès was basically from France. He was started investment in bitcoin in 2011. When he took the charge of Mt.Gox at 88% from Jed McCaleb. He is one of the founding members of the bitcoin foundation. This foundation was established for the promotion and standardization of the coins.
Unfortunately, in February 2014 Mt. Gox was declared as bankrupt. And, a mark was sentenced to the jail for a year. Whereas Mark declines the claim in front of the public.
One of the successors of the Satoshi Nakamoto. He is the chief scientist of the Bitcoin Foundation. He is the person who holds the alert key which gives him the strength to send an important message to the whole community of bitcoin at once.
Roger Ver is well-known as Bitcoin Jesus. He is an early adopter of this technology and invests millions of dollars into the new startup of the Bitcoin such as blockchain.
Ver is operating an online store to purchase or sell custom discounted transceiver, hardware and memory. In addition, he introduces the different designs module use in mining devices. Which became the mainstream business later.
Ver starts an online store and sells thousands of the product with bitcoin. This was another attempt to introduce bitcoin among the people. And, today there is a number of online and land-base store accept bitcoin as a payment.
Erik is the advocate for bitcoin and move from place to place both in the US and out. Erik keeps all of his money in bitcoin and believer of separation of money and state.
Erik is the Coinapult’s founder. Coinapult is a company who transfer bitcoin through email and text messages process. In 2012, he founded a bitcoin gambling site named SatoshiDice, later this site for over 100,000 bitcoins. In addition, at that time site’s market value was $11.5 million. This was the bitcoin’s big achievement of that time. Whereas, he performed his duties as the director of the marketing at BitInstant.
Vinny is the early adopter of the bitcoin, CEO, and founder of the Gift, Yola Inc, Silicon Cape.com and NGOs in South Africa. He also served his duties on the board of ChessCube, Yahoo, Personera and SkyRove. And, he was appointed to the board of the Bitcoin in 2014.
Ivan is the CEO and founder of Casino software provider SoftSwiss. In 2013, Ivan made bitcoin payments into the software and have seen an achievement in creating bitcoin casino.
Perianne M. Boring
Perianne is the author of the Boring Bitcoin Report and also the president of the digital commerce. She is the first women within bitcoin who’s who. And, we believe that she will generate wonderful changes in bitcoin strategy plan in few parts of US by using her skills.
You can also suggest the bitcoin personality.
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