Bitcoin showed signs of picking up speed ever since its lowest point in 2018, hitting just a little over $3,000. E27 reported that interest in blockchain, along with digital currencies, also started picking up in a very big way.
Reports have come in of major international banks showing big interest through investments and favoring the idea of creating a digital cash system. Facebook, meanwhile, took matters in their own hands by creating their own digital currency, the Libra. Blockchain has taken the major headlines again lately.
These headlines have been hailed as the next chapter in blockchain's book-the adoption of the technology for wider use. Given that it has created news already, blockchain is still due for commercialization, as well as wide-spread adoption by companies. It has been that way since 2017 when its supporters started lobbying for its serious acceptance.
Five companies-Quras, Yojee, Advanced Blockchain AG, Altonomy, and ECOMI-have been making their presence felt in Asia. These companies are blockchain-based and have been active in helping blockchain to propagate through their services. Most of their services are also aimed at Asia.
Other than Asia, the US seems open about accepting blockchain seriously. Coin Telegraph reported that they truly are interested despite the concerns raised during a House Committee on Financial Services hearing, where the Facebook digital currency, Libra, was discussed. US lawmakers have been open to accepting blockchain and developing legalities to welcome it.
Rep. Patrick McHenry of North Carolina had said that bitcoin is an "unstoppable force" during his testimony as part of the committee. He then encouraged his fellow lawmakers to accept innovation within the US digital currency sector.
He noted that the US should not "attempt to deter this innovation," adding that it would also be hard for governments to try and stifle this kind of innovation.
However, blockchain and bitcoin might face legal blocks simply because they are financial in nature. Blockchain encourages "financial inclusion" especially for those living on a margin. It is one of the many issues at stake when discussing regulations on how to control the sale of the digital currency.
It is important to discuss legislation concerning blockchain and bitcoin because they are here to stay. With that being said, the focus should also lie on its application. How these technologies will be implemented and what industries they can touch should be discussed today-not years from now, when people are starting to use them more and more.
