4Blockchain Regulation Around the World
Executive Summary
In this part we explore the new world of blockchain and cryptocurrencies. This area has had plenty of hype over the few years since its creation by Satoshi Nakamoto in 2009. We start with a helpful introduction of how it works and how regulation is attempting to be applied. We move on to look at the way in which it is regulated around the world and this is quickly followed by a look at central banks and how they are adapting to the potential of having their currencies on the blockchain. The chapter from the Ukrainian National Bank has some radical views on the future of the economy and taxation based on a blockchain environment.
Moving on, we take a very pragmatic view of the regulatory landscape and where it is headed. Next we look at Web 3.0 and the growth of value back exchanges on the blockchain, but end by asking whether the solution actually defeats the original purpose of cryptocurrencies. We then delve into the possibility that distributed ledger technology (DLT)-based currencies could solve money laundering and identity issues in the future, and that crypto could become mainstream within five years.
Finally, we take a look at some other areas where blockchain solutions can work in the payments industry. We consider how smart contracts can be deployed to simplify and build trust into other areas like derivatives ...
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