Home
News
- After confronting several detractors about its societal purpose, cryptocurrencies have been under continual pressure from country regulators
- Research on Technological Habits by Bayer (OTC:BAYRY) and LaRose determined that innovation resurfaces past worries and promises connected to the consequences of emerging technology, suggesting that technology’s impact on our place in the societal-technological hierarchy threatens us as human beings
- Blockchain is a new technology that first surfaced 13 years ago as a way to protect against inflation and speculative bubbles
After confronting several detractors about its societal purpose, cryptocurrencies have been under continual pressure from country regulators. Even Mark Cuban, a proponent of blockchain technology, welcomed crypto regulation after being involved in a rug pull. However, blockchain is quickly becoming a digital requirement for the twenty-first century, and authorities are ignoring its benefits and confining it to a sandbox, restricting its possibilities. The position of cryptocurrency as a cultural staple is a two-way street with culture clashing qualities, trapping authorities in a decision fatigue loop. Those who have never had past technology habits may be concerned about their capacity to interact with new technologies.
Research on Technological Habits by Bayer and LaRose determined that innovation resurfaces past worries and promises connected to the consequences of emerging technology, suggesting that technology’s impact on our place in the societal-technological hierarchy threatens us as human beings. Similarly, when a new technology is difficult to grasp, ordinary people are forced to identify with government officials, whom they frequently criticise. The assertion by Janet Yellen that cryptocurrencies have been utilised for illegal purposes is part of a political agenda that is partially true. Similarly, the face of centralised institutions, Jerome Powell, termed crypto a vehicle for speculation, implying that investors lack knowledge and make decisions without careful thought.
Blockchain is a new technology that first surfaced 13 years ago as a way to protect against inflation and speculative bubbles. As institutional investors become more interested in cryptocurrencies, regulators are looking for ways to intervene to fulfil market and investor needs. According to Fortune, the new US infrastructure bill, which includes cryptocurrency, recognises their development as a 21st-century need but at a high regulatory cost. During the Covid-19 epidemic, blockchain has shown itself to be a disruptive innovation for every corporate sector, reflecting the government’s capacity to impose social outsets. According to a World Economic Forum (WEF) report, forced regulation would lead to the death of blockchain innovation as authorities hurry to capitalise on tax advantages while overlooking the space’s complexity. The World Economic Forum singled out DeFi regulation, emphasising the necessity for government actors to be educated through the DeFi Education Fund (DEF).
Currently, regulatory patterns are controlled in broad strokes without taking into consideration each sub-sector. Dr. Joseph Lee’s study of law and regulation for a crypto-market recognises the need to bring new rules to build a crypto-asset market, but present frameworks will fail to produce a real transformation of the market. Advancements in information technologies are mutually reliant, meaning that one sector’s invention will eventually lead to future innovations in other areas. For example, the rise of digital currencies prompted Facebook (NASDAQ:FB) to create its own money, Diem, which received harsh regulatory condemnation following prior occurrences; however, none of the inventions included crypto.
Self-regulation is a pattern caused by adaptation, but it is not a long-term solution. According to Carolyn Pedwell’s research on transforming habit, the future is not regarded as superior to the present, which is dynamic, overflowing with change, implying that innovation will continue to advance despite any enforced regulations in the present. While regulation will have an impact on external processes for dealing with crypto taxonomy, innovation cycles are shorter and disruptive technologies are constantly being developed, so laws should follow user habits to avoid impeding the growth of an economically changing technology while also keeping an eye on the current positive or negative developments.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
