"Regulators would be wise to avoid the chainsaw when microsurgery could do" when it comes to blockchain technology, says author Don Tapscott.
Tapscott, the co-founder and executive director of the Blockchain Research Institute (BRI) – a multi-million dollar global blockchain think tank – published a report Wednesday calling for increased regulatory clarity on blockchain and cryptocurrencies. The report also recounts the takeaways from a roundtable discussion held in May on cryptocurrency regulation.
The report identifies the four "core issues" of regulatory oversight as being a lack of regulatory clarity, obsolete statutes, a lack of dialogue between both regulators and other stakeholders, as well as, financial service providers and blockchain entrepreneurs.
The report does caution a clear "Canadian slant," given that the majority of the near 70 participants were from Canada.
This would explain why some of the major takeaway items are explicitly geared towards a Canadian audience, with one such action item being "establish a national regulator in Canada" highlighting the lack of a central securities regulatory authority in the country.
Other such recommendations in the report include forming action committees, encouraging special interest groups and creating clearer distinctions between different types of cryptocurrencies.
All of these recommendations, however, seem to support the sentiment for a greater degree of clarity when it comes to blockchain technology, not just with government officials but with the broader public as well.
"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"
Ongoing research by BRI on the impact of blockchain technology to society is supported by leading corporations and government agencies such as Microsoft, IBM, the Bank of Canada and more recently, Salesforce.
In February, it was reported that BRI would be taking on a new project with one of India's leading tech industry organizations to help developers in the country learn more about the use cases of blockchain technology and spur forth stronger digital economies.
Image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Blockchain Research InstituteDon TapscottCryptocurrency Regulations
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff