To my surprise and delight, the UK is taking a sensible approach to Bitcoin and will use minimum intervention in the regulation of this young and growing cryptocurrency. A handful of other western countries already seem to be taking this sensible and pro-capitalist approach. The UK amongst others, is trying to bed itself as a business friendly and technology friendly country. This of course will allow for more future job opportunities(if these cryptocurrency based companies succeed) and potential future growth of the economy.
Notably other countries taking this approach include The United States, Canada and Germany amongst others. This hands off approach will allow Bitcoin to grow and flourish into its true potential. The problem with heavy regulatory intervention at this stage of the game is it could stall or impair the potential of Bitcoin. As a technology it is still young and finding its place in the market. Just as the internet is more than just for emails or a handful of uses as envisioned back in the 90’s, so to is Bitcoin more than just a currency for e-commerce.
Who would have thought that the internet would allow for Netflix, Youtube, Facebook, Twitter, Instagram, Online Shopping, Online Banking, Skype and much more. So too will Bitcoin shake up the world of finance with many uses and applications. Bitcoin as a currency is merely the first app built upon the Blockchain technology. There will be other use cases for Bitcoin that we can not currently imagine at this point in time. But for this to happen, there needs to be a hands off approach that will allow us to see what Bitcoin can develop into.
Any country that intends to stifle Bitcoin with heavy regulation at this stage in the game shall miss out on one of the biggest technological revolutions of the century. The first of its kind, Bitcoin is a programmable and open source currency that will open up new markets, create a vast amount of jobs and become a boon to any countries economy. If it is stifled in one country, the Bitcoin industry will simply migrate to another.
(Photo by William Warby)