As we stepped into 2019, the world witnessed a number of use cases of blockchain come to life in various parts of the world. Many countries all over the world, may have detested cryptocurrencies, but not the underlying technology i.e. blockchain. Today, blockchain based solutions are being developed to replace the archaic ones due to a myriad of advantages it provides over the archaic technology. We might yet be far away from a global adoption of crypto and blockchain. But there are a number of countries who have certainly been trying to incorporate blockchain solutions with increasing vigor.
China, who put up the firewall in order to eliminate the use of cryptocurrencies have rather maintained an amiable stance towards the underlying technology blockchain. The largest mining corporation Bitmain also roots from China. Big corporations like Alibaba are also looking into the adoption of blockchain based solutions, including other instances where the nascent technology has been integrated into land registry, healthcare and financial technology. Among other Asian countries worthy of mentioning are Iran and South Korea, who have taken the initiative to form their own national cryptocurrency. Whereas Malta has also made some noteworthy inclusions over the last year.
Mongolia has been the latest incorporator of blockchain based solution as the country proceeded to form a partnership with Terra. Terra is a blockchain based payment system. The government has integrated this system to enable peer to peer transactions as well as mobile payments. They also plan to enable transactions for paying utility bills. Daniel Shin, co-founder of Terra has expressed that they plan to alter the entire infrastructure of Mongolia by making the migration to blockchain based solutions that would enable peer to peer payments. The brand new blockchain payment solution will be deployed in Nalaikh District situated in Ulaanbaatar City, which will later be expanded throughout the country. The governor of the district, Radnaabazar Choijinsambuu said,
The blockchain pilot will reform how the people of Nalaikh City make everyday payments. It will create a new online platform to easily share information, and offer great opportunities to connect with our citizens through advanced technology.
In addition to that, Mongolia also issued its very own digital currency last year in september. The digital coins are issued by a central bank authorized local telecom operator which are Mobicom, also known as Candy and are considered to be a non-cash payment instrument.
Since the advent of blockchain and cryptocurrencies, governments have been doubtful about adopting them as a means of payment. Cryptocurrencies have become an instrument for criminals to launder money and that is what has made them skeptical. There is a need for governments to draw up regulatory framework for them and to regulate the cryptocurrencies, so that they can be monitored with a set of rules and regulations.
A while back, the SEC also took the initiative to dig into the current crypto projects that qualify to be securities. A lot of these projects have had to shut down because they failed to register, as it was rendered mandatory for all assets that qualify as securities to register with the SEC.
Moving forward, it is adamant that government of countries, realize the potential that blockchain holds and the utility it offers. Keeping in mind that no change is made over night and to introduce little changes over time would be a sustainable approach. Also, there are territories within the technology which yet remain undiscovered, which are for now withholding a global adoption. Nevertheless, till that comes to pass, governments should vigilantly keep up with the changing trends so their country is not left technologically behind