Blockchain Research Institute calls for regulatory clarity in its new report, stating that it is vital to educate public about "they might do with a self-sovereign identity secured on a distributed ledger."
10 August, AtoZ Markets – According to the report from the Blockchain Research Institute, global regulatory bodies should establish clearer guidelines concerning Blockchain and cryptocurrencies.
Blockchain Research Institute Calls for Regulatory Clarity
The co-founder and executive director of the Blockchain Research Institute (BRI), Don Tapscott, has published a report, where he has stated:
"Regulators would be wise to avoid the chainsaw when microsurgery could do" when it comes to blockchain technology.
The report also considers the takeaways from a roundtable discussion that was held back in May regarding cryptocurrency regulation. The document highlights four “core issues” of regulatory oversight, mentioning the lack of regulatory clarity and obsolete statutes. It also notes the insufficient communication between regulators and other stakeholders and between financial service providers and blockchain entrepreneurs.
The BRI report also notes a clear "Canadian slant," considering the fact that the majority of the almost 70 participants were from Canada.
This fact would explain why some of the key takeaway points are specifically customized towards a Canadian audience. One of such points is "establishment of a national regulator in Canada." This highlights the lack of a central securities regulatory body in the country.
Some other recommendations comprise creating action committees and setting up clearer distinctions between different types of cryptocurrencies. The report also suggests encouraging special interest groups.
The recommendations are not only calling for a better clarity when it comes to Blockchain technology with the government officials but also with the public. Mr. Tapscott has stated:
"The new oil of the digital age is data...We need to help educate the public to distinguish a cryptocurrency from the many amazing results that people are achieving with blockchain, and what they might do with a self-sovereign identity secured on a distributed ledger"
The current BRI research regarding the impact of Blockchain technology on society is backed by some of the leading corporations, including Microsoft, IBM, the Bank of Canada and Salesforce.
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