Quote from: Savemore on November 25, 2019, 03:49:53 AM

Quote from: Darker45 on November 25, 2019, 03:09:57 AM

Quote from: BlackboardTrade524 on November 24, 2019, 09:07:59 PM

Crypto Currencies is facing local law policies many where: Local law can be a barrier for many countries to accelerate the blockchain industry. I read the sentiment of many people where the bitcoin or concurrency is not legally authorized but they are very much excited to use this technology. I think, a global revelation only can bring those countries to be inspired.

First of all, cryptocurrencies =/= blockchain, or blockchain =/= Bitcoin. There are countries where blockchain is much appreciated even if Bitcoin is not. Even a good number of banks are appreciating the blockchain technology, even using them, but they are not in favor of the likes of Bitcoin and other cryptocurrencies. In my local setting, a few banks are already playing with blockchain but a mere mention of Bitcoin or cryptocurrency when opening an account could be enough for your application to get rejected.

My country is favor to the blochchain technology but not favor to the ICOs and STOs. There are now many news and issues about scammers and it is the reason why my country doesn't regulate ICOs and STOs.

This is also happening in my country. This is the primary reason why the impression developed among ordinary citizens and perhaps even among those who are in the authorities is that cryptocurrency or Bitcoin is some kind of a scheme not much unlike Ponzi; because it is being rampantly used by these illegal schemes. The laws therefore, since they are primarily reflective of these people's very rudimentary, even distorted, understanding of cryptocurrency, are in danger of being against cryptocurrency.

Local laws should be based on the real account or definition of cryptocurrency. Lobbyists should also encourage lawmakers to conduct thorough hearings in which crypto experts are invited to give them detailed briefing about what crypto truly is as well as their true potentials. I remember watching a Youtube video in which crypto enthusiast Andreas Antonopoulos was invited by a Canadian legislative committee to shed light on Bitcoin. This is how it should be done in local countries before crafting crypto-related laws.