English | 简体中文 | 繁體中文 | 한국어 | 日本語
Monday, 26 April 2021, 21:55 HKT/SGT
Share:
    

Source: GBA
Government Blockchain Association (GBA) Announces the First Release of "The Impact of Cryptocurrency Adoption on Government"

Washington, D.C., Apr 26, 2021 - (ACN Newswire) - Tax Working Group of the Government Blockchain Association (GBA) today announced the first release of "The Impact of Cryptocurrency Adoption on Government." This study, developed by an international panel of government and private sector experts, examines the adoption of cryptocurrency around the world and determines the impact it may have on governments. The study is intended to provide public and private sector leaders with the information needed to understand cryptocurrency trends and recommend potential courses of action.


While the world is navigating uncharted waters as the global pandemic introduces many challenges to national economies, governments are especially vulnerable to the changing tides that threaten established norms. The very definition of money itself is changing. As in many times of crises, there are opportunities to explore new ways of doing things that end up improving people's lives.

"We are witnessing a rapidly growing phenomenon in the world of cryptocurrencies, as it is trending toward total market capitalization of the world's largest technology companies. If this trend continues, there is no doubt that the future of money, governance, and the law will change forever," says Mark Montoya, Chief Data Officer at the Government Blockchain Association.

But what will this mean for governments?

"To understand this phenomenon, we need to start asking questions about cryptocurrency. If the cryptocurrency trend persists over the next ten years, what is the impact on the global financial system? If significant transactions bypass traditional financial institutions, how will governments manage their economies and enforce their laws? Will cryptocurrency complement the payment systems, compete with them, or even replace them?" says Ksenija Cipek, Head of Tax Risk Analysis at the Ministry of Finance of Croatia.

- Background and Research Approach. The study discusses the impact of cryptocurrency adoption on the following areas of government: regulation, ethics, privacy, jurisdictions, economy, enforcement, and taxation.

- Trends in Adoption of Cryptocurrency and Government Impacts. Governments have embarked on many different initiatives ranging from Central Bank Digital Currency (CBDC) development projects to authorizing cryptocurrency custodial services for banks and drafting new cryptocurrency regulations. This study shows how and in what ways the evolution impacts government and the broader public sector, region by region, country by country.

To download the report, please visit www.GBAglobal.org/cmp.

About GBA

The Government Blockchain Association (GBA) is an international professional association focused on blockchain-related technologies, opportunities, and challenges in the public sector. GBA cultivates professional workflows between technologists, public policymakers, financial and legal communities and acts as a catalyst in creating a public dialogue around the creative, profitable, and positive use of blockchain technology. For more information, please visit www.gbaglobal.org.

Source: Plato Data Intelligence: https://zephyrnet.com (bit.ly/3eBGYMV)

Topic: Press release summary
Source: GBA

Sectors: Blockchain Technology
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

GBA Related News
Oct 20, 2023 17:49 HKT/SGT
Government Blockchain Association (GBA) Releases Voting Solution Assessment Model
Aug 23, 2023 08:09 HKT/SGT
United Nations Group Seeks Comments on Blockchain Voting Standards
Aug 9, 2023 08:09 HKT/SGT
Sandy Barsky Appointed as Government Liaison for the Blockchain & Infrastructure, the Rise of AI Conference
July 6, 2023 22:33 HKT/SGT
Government Blockchain Association (GBA) Deploys PlatoAi across GBA's Opensource Intelligence Platform (OSINT)
June 12, 2023 08:01 HKT/SGT
TapestryX Protocol Rated by the Government Blockchain Association (GBA)
More news >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575