Influential Politicians Are Advocating Crypto Around the Globe
Mineable and tradable from anywhere, cryptocurrency is borderless. Its adoption nonetheless hinges in part on the position taken by nation states. Politicians have the capacity to incorporate, legitimize and push crypto to the next phase of mainstream adoption. A variety of powerful politicians around the globe have expressed varying degrees of support for digital currencies and blockchain technology.
Pressure has been building on regulators to boost oversight of cryptocurrencies, whose stateless nature makes them hard to restrict. There has been an expansion of economic activity on a global scale aimed around quantifying and regulating crypto assets.
In 2019, politicians and regulators will play a pivotal role in pushing cryptocurrencies into the domain of mainstream finance. Cryptocurrency investing remains a higher risk pursuit, but greater regulatory clarity might help to legitimize this nascent asset class, and give investors greater protection. A number of politicians have been instrumental in bringing bitcoin along with other cryptocurrencies into the spotlight, with a few openly advocating crypto’s many advantages.
This list of countries, arranged alphabetically, details prominent politicians who encourage the adoption of cryptocurrencies and blockchain technology.
Australian politician Nick Dametto, a newly elected MP for Katter’s Australian Party, a right-leaning minority party that works to serve Queensland, has openly discussed his bitcoin holdings. Dametto first bought BTC in October 2017.
China includes a love-hate connection with blockchain and cryptocurrency.
Dubai ruler Sheikh Hamdan bin Mohammed Al Maktoum is the present executive authority of the government, and it has launched a blockchain strategy. The prince has been actively pushing Dubai for its highly-sought place to be in the forefront of the technological revolution.
Gibraltar’s finance minister Albert Isola has been busy rolling out the red carpet for crypto businesses, together with the country currently in the last stages of voting on regulations that would enable companies to issue and trade electronic tokens.
Israel’s prime minister Benjamin Netanyahu, currently part of the Knesset and the chairman of the Likud party, has spoken favorably of cryptocurrencies and has warned that banks will gradually disappear, possibly due to Bitcoin. According to a recent report released by Bezeq, one of the biggest telecom firms in Israel, 5 percent of people in the nation have invested in or used BTC and other electronic coins.
In Japan, Takeshi Fujimaki of the country’s Nippon Ishin no Kai political party has proposed a number of adjustments to the current taxation system for cryptocurrencies. Fujimaki was formerly an advisor to billionaire investor George Soros.
Russia’s president Vladimir Putin has mentioned blockchain, intimating that lawmakers stop hindering the development of those technologies. Putin has noted the capacity of this cryptoruble, and lately commenting,”If we talk about cryptocurrency — this is something that goes beyond national boundaries”
South Korea’s ministry of science and IT, Yoo Young-min, is a huge blockchain supporter. Young-min has been compelling blockchain integration and to possess cryptocurrencies and blockchain technology considered separate entities for regulatory purposes.
In Sweden, Mathias Sundin became a member of the country’s parliament after financing his election campaign only in bitcoin. Sundin subsequently made the transition from the political arena to the job of chairman of the board of Swedish crypto exchange BTCX.
After very closely at Sundin is Switzerland’s lawmaker Cédric Wermuth who’s vice president of the Social Democratic Party. He called for an official government research into the possibility of starting a country cryptocurrency. The government has requested legislators commission a study on the pros and cons of a Swiss”e-franc.”
In the United Kingdom, member of Parliament from the Conservative party Eddie Hughes states he is a”crypto enthusiast with amateur expertise,” and has urged fellow parliamentarians to find a better understanding of blockchain and cryptocurrencies.
In the United States, during the 2018 midterm elections a number of crypto-friendly lawmakers have secured governorships. Bitcoin urge and pro-tech candidate Jared Polis has been elected as governor. The tech advocate and gamer got a fond spot in bitcoiners’ hubs in 2014 when he vowed to fight any effort by the government to limit the cryptocurrency’s growth. Historical BTC adopter Gavin Newsom was also elected governor of California.
Venezuela’s president Nicolás Maduro, while a controversial figure, is also a crypto-friendly politician who is supporting the oil-backed Venezuelan coin, the petro. Maduro has been tirelessly promoting the petro ever since his administration announced the creation of what is now considered the very first state-issued cryptocurrency.