Imagining government and cryptocurrencies together is getting harder and harder these days. Only a select few jurisdictions have mentioned that they support the development of the technology, but don’t truly involve themselves in adopting this innovation on a national level.
Many politicians deny or try to stay away from cryptos at this point as they fail to see the value in terms of Public Relations in them. It’s important to note that nearly every single person involved with cryptocurrencies, be it trading, mining or just buying the assets is of legal voting age. Therefore promising support for the technology could lead to massive swings of favor towards a specific politician.
It’s likely that politicians who promise a crypto-friendly future to their voters will most likely pop up in developing countries who don’t have major currencies. Places like Eastern European countries come to mind, who always have to stay competitive relative to the Euro and the Dollar.
The general patterns and history of crypto trading indicate that it mostly occurs in developing nations. Developed countries create the product, use it in the beginning and then spread the awareness, after which developing nations start leading the bandwagon. It’s likely that crypto legislation trends, much like crypto trading trends will follow the same patterns.
For example, the first regulatory framework started to appear in countries like the United States, the United Kingdom and etc. Now, a candidate in the US election is promising crypto-friendly legislation in the future but isn’t getting as much support as he was hoping for.
The developed nations have managed to gain quite a lot of wealth over the last couple of centuries, and all of that happened through traditional financial industries. For them, the introduction of the blockchain is a direct challenge of that very same accumulated wealth, which is why skepticism is much higher.
For a developing nation, a new financial industry is a chance to start excelling at something. To be the best at something or to have the largest volume. Before the blockchain, it was virtually impossible to challenge the United States, China or the UK in their trading volumes for both currencies and stocks, therefore developing nations are starting to see their potential in cryptocurrencies.
This is why there’s much more support towards cryptos in developing nations rather than developed ones, and the reason why we’ll start seeing local politicians take advantage of the situation and make the blockchain a part of their campaign.