As cryptocurrency prices stabilize, Russian leader's Global Blockchain digital order prediction puts cryptocurrency market in a great prospect of becoming the key economic evolution force. In addition, Putin requests unified Bitcoin regulation.
14 July, AtoZForex – We live the era of global economic evolution, while Blockchain technology plays a crucial role in filling the gap between the old and new practices. Moreover, while some of the digital currency supporters have been aware of the great benefits of Blockchain, the world leaders have been cautious in regards to the new phenomena. Until now…
Putin's Global Blockchain digital order prediction
The President of Russia, Vladimir Putin, has publicly acknowledged that digital technology is a significant aspect of global economic future. At the G20 summit, which took place on 7-8 July, Mr. Putin has expressed his views in relation to the global economic transition. He has shared his Global Blockchain digital order prediction:
“We believe that the G20 will take a leading role in shaping international regulations in this area, improving international financial systems so all economies can benefit from it, including in the developing world remains high on the G20 agenda.”
He believes that the global economic evolution will be largely backed by the advancement of the digital technology. Even though Putin’s remarks appeared quite general, he clearly called for the international regulations’ necessity. He stated that the rapidly developing technology industry needs particular regulation frameworks. Specifically, Mr. Putin noted the Bitcoin and other cryptocurrency market participants.
Mr. Putin has earlier met Ethereum founder to create Russian Digital Currency. Ethereum founder Vitalik Buterin met Vladimir Putin during the St Petersburg Economic Forum earlier in June. Official Kremlin has confirmed the meeting on their website. According to the Kremlin website, Putin supports Ethereum founder’s plans to build contacts with Russian partners to implement Blockchain technology in Russia.
In addition, Russian President has called for fused international regulation on digital technologies, which should cover Bitcoin. In fact, some of the countries present at the G20 summit have already set up certain Bitcoin regulations. Among these are China, Japan, the UK and the US.
In order to internationally regulate Bitcoin, countries would need to agree on a particular framework for digital technology. This would also require the form of user interfaces, which would be intuitive for all individuals.
Blockchain global adoption
One of the Blockchain technology experts, Previn Kutty, believes that this technology allows for easy transactions between businesses. He describes transactions on the Blockchain as steps that are executed based on the algorithm and the contract of the Blockchain.
Mr. Kutty notes that the Blockchain frameworks allow to combine and automate different business processes. Moreover, business analysts have an opportunity to customize business rules to support various decisions with Blockchain.
It is no surprise that key banking institutions pay close attention to the Blockchain technology featuring cryptocurrencies. Apparently, the top US bank executives support Ethereum over Bitcoin. One of the oldest private banks in the US, the Brown Brothers Harriman & Co, has been following the development of Ethereum for the past five years. Moreover, they were also investing in the digital currency.
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