Cryptocurrency 2018: It’s Finding Global Acceptance
It’s the ultimate disruptor.
With the emergence of cryptocurrency, global financial transactions are being decentralized on an incredible scale. It’s already changing the dynamics of international and domestic trade. And, according to some analysts, it’s only a matter of time before cryptocurrencies see global acceptance.
Even as its naysayers have called for its death, the currency had made significant breakthroughs in 2017 and early 2018 on its route to global acceptance. What’s incredible to watch is that governments can no longer ignore or prevent its very existence.
Global companies, governments and financial institutions can’t afford to ignore it.
Even the G20 nations are calling for regulators to debate crypto-regulations at his year’s summit, a proposal for which Italy and Germany expressed support, according to Strategic Coin. In January 2018, the U.S. Treasury Secretary expressed concerns that Bitcoin could become the next “Swiss bank account.”
Under U.S. law, “if you have a wallet to own Bitcoins, that company has the same obligation as a bank to know” you as a customer, the U.S Treasury Secretary noted, as quoted by Bloomberg. “We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”
Already, the number of businesses accepting cryptocurrency is growing by leaps and bounds. Microsoft, Intuit, PayPal, Dish Network, Subway, Whole Foods, Bloomberg.com and Overstock.com are some of the biggest. At Microsoft for example, you can buy content in the Windows and Xbox stores.
Fidelity Investments rolled out a program in August 2017 that allows investors to track their cryptocurrency holdings right alongside traditional assets.
In Arizona, the Senate just passed a bill that could allow residents to pay their taxes with cryptocurrencies, too. According to Coin Desk, “Arizona State Rep. Jeff Weninger, one of the co-sponsors of the bill and a sponsor himself of several related bills – including one submitted this week that, if approved, would block local and county regulation of blockchain nodes – recently told Fox News that the tax measure is aimed at making the state an accommodating place for users of the technology.”
We’re even just beginning to see Bitcoin ATMs popping up.
In fact, according to Coin ATM Radar, there are now 2,236 Bitcoin ATMs around the globe.
Venezuela launched an oil-backed cryptocurrency to help the country dig out of inflationary issues. According to Reuters, “The government appears to be hoping the petro will offset a collapse in Venezuela’s currency – 97 percent in one year against the U.S. dollar on the black market - and isolate the country from the U.S. dollar…”
In Russia, the government has promised legislation to regulate the currency this year. "The purpose of these bills is to define the scope of action and of the regulations of cryptocurrencies, not their prohibition, and this is good news for Russia," says Anti Danilevski, CEO of KickICO, as quoted by Forbes.com.
In Japan, it’s now a legal currency. In fact, on April 1, 2017, Bitcoin was declared as legal tender for payment in the country.
The U.S., Canada, Germany, Holland all accepts it, too.
In short, it’s only a matter of time before cryptocurrency becomes globally accepted. At this point, it’s not a question of if, but when.