Many in the crypto world theorize that the father of bitcoin, Satoshi Nakamoto, created the foundation of distributed ledger technology in response to the 2008 financial industry crash. One of the driving elements of the blockchain is that proponents–like Trevor Koverko–see it as more reliable than existing databases. As terms like cryptocurrency, alt coins, tokens, the blockchain become more widely heard in the daily vernacular, so too has the acceptance of this monetary form increased.
In light of that, governments are starting to sit up and take notice. One of the earliest examples of this is when, in 2015, the U.S. Commodity Futures Trading Commission opted to properly define Bitcoin and other virtual currencies as commodities. Now, South American countries explore options with crypto currencies, including the first major step by El Salvador to accept it as legal tender. Other South American countries are keenly observing what is playing out in El Salvador, with some vying to get into crypto mining. The People's Bank of China and the National Development and Reform Commission, on the other hand, outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal.
As the world populace warms to the concept of crypto, governments will respond. Some with wide-sweeping measures and others with less dramatic but still remarkably influential regulatory approaches.
Crypto investors and proponents who are pushing for a world full of opportunity paved by peer-to-peer transactions need to stay current on the happenings. Some are even taking it a step further, like the nonprofit Coin Center, which is “the leading non-profit focused on the policy issues facing cryptocurrencies.”
The organization engages in research, educates policymakers and advocates for sensible regulatory approaches to the technology.