🔹At first glance, the idea that governments should legalize and regulate cryptocurrencies seems counter-intuitive. Many quite wrongly believe that cryptocurrencies were invented to bring about anarchy — to go against governments and governance in general. This is simply not the case.
🔹Cryptocurrencies bring about decentralization. The distributed ledger (the blockchain) is a technology which allows information — data — of any kind to be recorded and stored by anyone, anywhere — and to be accessed by anyone, anywhere.
🔹Cryptocurrencies are made (the correct term is “emitted”) when transactions are recorded on the blockchain. This brings about transparency. When governments start to use cryptocurrencies, we will be able to see how it uses its money. Corruption will go away, and democracy will become more direct.
🔹If a politician spends tax money on a yacht — we will know. If a government spends money on bombing a third-world country — we will know.
🔹The introduction of regulations on cryptocurrency transactions will represent an endorsement of the blockchain by governments themselves. When this happens, we will be one step closer to having governments that operate using cryptocurrency and the blockchain. We will be one step closer to full democracy and a better world in general.