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Analysis & Opinion

From Clinton to Maduro: What do World Leaders Think About Cryptocurrencies

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From Clinton to Maduro: What do World Leaders Think About Cryptocurrencies

Chinese-American Andrew Yang, a Democratic candidate for the presidential election of 2020, the first politician to start accepting election donations in cryptocurrencies. Donors will have to fill out a form that will allow you to check whether they are voters, after which they will receive a wallet address for donations. But this is just a candidate, but what do the current heads of state relate to cryptocurrencies?

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Nicolás Maduro, Venezuela

If we talk about world leaders supporting digital currencies, the Venezuelan president comes to mind first: recently Nicolas Maduro announced the official launch of Petro – the national cryptocurrency, backed by oil and designed to help the country cope with the consequences of American sanctions.

Venezuela is experiencing a serious economic crisis. In June, inflation in the country exceeded 46,000%, and the IMF predicted that it could reach 1,000,000% by the end of the year. This was one of the reasons for the recent denomination.

Petro was released in late February. Since August 20, salaries and prices in Venezuela are tied to cryptocurrency, Petro alone costs $60. According to Maduro, each Petro token is provided with a barrel of state oil. The token based on the NEM blockchain and will be released in the amount of 100 million.

Iván Duque Márquez, Columbia

The newly elected president of Colombia wants his country to play a prominent role in the cryptocurrency market and invites crypto companies to open offices there. Before joining politics, Duque worked at the Inter-American Development Bank, and he believes that blockchain technology could help the country cope with the terrible corruption that is rampant there.

He also said that companies working in the field of information and communication technologies and creating a certain number of jobs will be exempted from taxes for the first five years.

A blockchain association has already been established in Colombia to support cryptocurrency technologies and help regulate the industry.

Joseph Muscat, Malta

Recently, Malta has become an important center for the development of cryptocurrency – the island nation is trying to be as friendly as possible to blockchain projects, and it is rapidly progressing in this direction.

In July, the Parliament of Malta adopted three laws aimed at facilitating the trade in cryptocurrencies and their issuance, becoming the first country in the world to have formal legislation for blockchain operators, cryptocurrency systems, and distributed registries in general. In addition, the Malta Stock Exchange plans to open trading in digital assets and is actively negotiating with the business.

It all started with the fact that in May 2017, Malta adopted a national strategy for turning the country into a “blockchain island”.

Recently, speaking at the UN General Assembly, Prime Minister Joseph Muscat said that the Malta cryptocurrencies are under the constant control of the state, but the issuance of tokens to the ICO is officially authorized, and digital and fiat currencies are “equal.” Speaking about the potential use of the blockchain, Muscat stressed that its benefits are not only limited to eliminate intermediaries in the payment sector. The healthcare, trade, humanitarian aid and others can significantly benefit from the technology:

“As an example of integrating blockchain technologies into the state administration, Malta showed how This process can reduce corruption risks and effectively manage various areas, ranging from protection to waste disposal”.

Alexander Lukashenko, Belarus

Belarus turns into a “tax haven” for cryptocurrencies – President Alexander Lukashenko wants the country to become a major center for the development of blockchain technologies, so in December 2017 he signed a decree on tax incentives and economic encouragements for technology startups.

In addition, until 2023, financial companies can be located in the country’s technoparks – while they are subject to minimum taxes and various types of incentive programs. These are also legalized cryptocurrency related activities: mining, exchanges, ICO, and so on.

After signing a presidential decree in Belarus, more than a hundred startups have already been created, and this year the largest Belarusian bank Mtbank has started offering its customers contracts for the price difference in Bitcoin (CFD).

Vladimir Putin, Russia

As for the biggest country, President Putin said that Russia, by definition, cannot have its own cryptocurrency, since any cryptocurrency goes beyond individual states:

“Russia cannot have its own cryptocurrency, by definition, just like. Because it goes beyond national boundaries. ”

In addition, he added that digital currencies should be treated “very carefully”:

“The central bank believes that cryptocurrency cannot be a determination of payments, settlements, cannot be a signification of accumulation, and they are not secured. All this suggests that we must take it carefully. ”

At the same time, Vladimir Putin did not rule out that cryptocurrencies can help to avoid restrictions in international financial activities. The president noted that despite all this, the authorities should learn how to use this tool.

However, it is known that Putin is interested in the blockchain – he even met with the creator of Ethereum Vitalik Buterin to discuss this topic. Later, the president’s press secretary commented on this meeting:

“Buterin spoke about the possibility of using these technologies in the Russian Federation, the president supported the idea of ​​establishing business contacts with possible Russian partners.”

Bill Clinton, USA

The former US president sees potential in such breakthrough technologies.

In his speech, he stated that the prospects and possibilities of the blockchain technology are great:

“The entire blockchain industry has such great potential because it can be used regardless of state borders and revenues. The prospects for the crypto industry and the opportunities are amazingly great.”

Bill Clinton also noted that new technological developments are taking place in the adverse political realities of the United States and Europe. As he stated: “You can ruin everything with a policy of negative identity and economic and social policy. Let’s think about it.”

It is worth noting that Bill Clinton received his first bitcoin (BTC) in 2016 at a conference in Washington. This gift was given to him by Matthew Roszak – a venture investor and entrepreneur of innovative technologies.

US regulators seek to solve the problems associated with digital assets. Currently, there are many uncertainties associated with the position of the US Securities and Exchange Commission (SEC) against the cryptocurrency market.

Ashton Felix is currently a contributing writer for multiple crypto news sites. He got his big break when he mined his first bitcoin back in 2012. He enjoys learning about new technology and travels throughout Asia in his spare time. Ashton immediately fell in love with the culture and people of China. He is currently based out of Shenzhen and is fluent in Mandarin.

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