Brian Armstrong: 8 Regions Set to Lead Crypto, Excluding the US
Brian Armstrong recently put forth his perspective on the future of the cryptocurrency market. America’s position as a world leader in finance and innovation is in jeopardy. The reason is straightforward: a failure to understand that cryptocurrencies represent much more than just individual transactions.
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The recent turmoil in the cryptocurrency market could prompt some politicians to dismiss cryptocurrencies as an unstable asset class and, in doing so, overlook its far-reaching and quite palpable potential. The primary beneficiary of the prevailing situation would be China. Moreover, the introduction of restrictive policies towards cryptocurrencies in the U.S. could play into the hands of the U.K., UAE, Brazil, Japan, the EU, Australia, and Singapore. These countries and regions are vying to establish themselves as crypto hubs, and thereby modernize their financial systems and other sectors of the economy.
Offshore Drift
Armstrong consistently urges politicians and regulators to devise clear rules that ensure consumer protection and fully unleash the potential of cryptocurrencies. However, for now, the industry continues to be met with threats and coercion. The restrictive policy adopted by the authorities is pushing the American crypto industry offshore, although the regulators themselves interpret this as merely refusing questionable financial crypto services.
Cryptographic blockchains aren’t financial services; they are a transformative technology that can revolutionize a wide array of sectors, of which financial services is just one example,
elucidates Brian.
An innumerable amount of people around the globe are already reaping the benefits of blockchain technologies: cross-border payments, inflation protection, reduced transaction fees, and democratized access to financial services. Armstrong opines that the establishment's voluntary (and absurd!) renunciation of these innovations endangers the American legacy of technological breakthroughs and undermines the country's national security.
Armstrong persists in lobbying for Crypto Legislation Source: Twitter
Why are the States lagging behind?
Money has consistently evolved: transitioning from tangible coins that eased the shift from barter to commerce, to portable paper money that encouraged loans and investments. The U.S. dollar has been a fundamental element of the global economy since 1944.
Currency has always embodied innovation… The role of the U.S. dollar as the global reserve currency confers innumerable soft and hard power benefits,
Armstrong points out.
However, the expanding presence of Chinese digital systems from Alipay and Tencent is forging a new reality. These platforms supply integrated payment systems with direct access to a broad range of services and are spreading worldwide through ambitious multi-sector initiatives like the “Belt and Road”. China is directly challenging the U.S. dollar by releasing its digital yuan. Hong Kong, positioning itself as a global crypto hub, is actively implementing China's strategy of using financial technology for its national interests.
Today, the U.S. and other democratic nations are up against digital systems promoted by an ambitious adversary, China… China aims to directly challenge the U.S. dollar and its role in global commerce,
– Armstrong convincingly asserts.
The connection between financial technology and democratic values is deeply ingrained in America's identity. Armstrong, citing sociological research, asserts that 75% of Americans are dissatisfied with the current financial system. Almost an equal number of citizens are worried about a lack of future prospects for the next generations. America's financial infrastructure is on the brink of technological antiquation. The solution? Embrace comprehensive cryptocurrency legislation.
Crypto, like the internet before it, has the potential to modernize finance and numerous other sectors, from supply chains to social media, by offering a faster, cheaper, more private, and accessible platform,
Armstrong concludes.
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