August 05, 2019

Blockchain Regulation – Technology is Welcomed

Blockchain Regulation is the latest technological updates that are running in the globe now. The company that has implied the same for the first time is Bitcoin. Bitcoin is a company that introduced the first use of Cryptocurrencies. Which is not a government-approved currency but is a currency that has few ultimate properties, which the general users find useful.

But the government of the different nations feels to be. Harmful to them and the nation in some or other means.

Understand the situation

Hence the government of different nations has, encrypted Blockchain Regulation.

On the use of the cryptocurrency and the introducer of the same that is Bitcoin. But the technology of Blockchain development companyhas been welcomed by most of the governments of different nations and some of them are already planning to use the technology for their use.

Now, standing at this point Bitcoin is facing huge loss, as the different nations are regulating the use of cryptocurrency. But standing at that condition. The Social media giant Facebook Blockchain development company is going for introducing their own cryptocurrency – this is making a big dilemma in the global condition and has turned on global chaos for the situation too. Even Facebook has to be a victim of different countries, where they have enforced laws on them and made huge fines.

Now, the question is what is the fault with cryptocurrency, for which these types of issues are raised?

Why regulations on Cryptocurrency?

Different national governments have to say that Cryptocurrency is not the currency that is issued by the government and hence cannot be used as a replacement of the national currency.

Since the value of the cryptocurrency is determined by the pricing of the basic elements of a nation like cereals, oil, coal, sugar, etc. The rates of the currencies were much different than that of the national currency and hence the difference between Yen and Dollar is closed by that. This is making a huge cash flow to the general citizens of the nation. That is much different from that of the national currencies.

In some Nations

Especially those where digitalization is at the extreme, Blockchain development company cryptocurrencywas becoming so much popular that even the stores started to accept Bitcoin. This made the eyebrows of the governments bent and lifted up. They started to put Blockchain Regulation and also started to create awareness that due to the close difference of the value of this currency between nations, it can be used for money laundering activities and that would help the terrorism.

Now, whether that is the truth is whether government interpretation could have restricted the money laundering, whether this currency was spoiling the political diplomacy of them internationally or those are something that was making the government weaker – these are some issues that are to be considered by the economists and the political specialists. What the thing is that the regulations were not on Blockchain but on the cryptocurrency. Hence, there is nothing to think about the aspect of Blockchain and its global acceptance.

Blockchain Regulation?

For a tech developer the economy-related hassles, the political dilemmas make no senses. What matters the most to him/her is the permissible factors that are attached with technology and hence the regulations on Bitcoin made the world rethink on the same. The technology lovers, the developers, and the end-users too started giving that a thought. The thoughts were regarding the technology that the Bitcoin has used in it.

Basically, the technology has gained the popularity, which none other has gained in the recent past and that is for the usefulness and the security aspect in the technology of course. Many platforms also evolved regarding the development of tools regarding that technology. But to be very accurate there has been no threat to the technology.

What the world is thinking of Blockchain ?: Blockchain Regulation

If there is no Blockchain Regulation that must be reflected on the approach of the world towards it and that has been seen in the case of the US government and the Australian Government. Using the security aspect of the Blockchain and the transactional efficacy, the technology gained huge reputation and now the governments of the different nations are working on the same and spending huge amount to develop the gadgets that would assist them in their administrative purposes.

Moves have been Visible: Blockchain Regulation

In the case of the big corporate giants too. Some of the big names have already implied the same in their customer service accounts and others are planning and developing the same for the uses. Blockchain development They are also spending huge on the developer teams and some are deploying the specialized teams for the purpose too. Now, this is really something that the tech developers and the Ethereum members are rejoicing at. However, this is not the time to rejoice as the Blockchain has just started its journey in the tech world.

Journey Ahead: Blockchain Regulation

Now the world is hiring the officials in the form of freelancers, and there are some of the authorized groups who are associating the developers.

Different companies and the government of the nations are just starting to imply the same in their administrative houses.

And in the different functions like that of tax calculation and collections.

In banking and treasury maintenance and even in data organizing and data collecting. In public companies, the application of the same has just now started showing its versatility. Hence in one word. This is just the start of the journey, of it and there is a long way for it to traverse.

Many Things: Blockchain Regulation

Work as a boon sometimes and Blockchain development that is the case with that of Blockchain.

Bitcoin was gaining popularity, but the general user and even the developers.

Now, with the Blockchain Regulation and all, the technology gained much and more importance.

But at the end of everything the biggest applause goes to the same.

The concept developer of modern cryptocurrency, or the Bitcoin.