With the apparent sensitivity of crypto markets to political and regulatory developments, it stands to reason that the globe’s leaders will be essentially important in deciding the direction the cryptocurrency market will travel in the future. Many leaders have been compliant to sit back over the past few months and let crypto develop naturally, yet it is becoming apparent that the time for official action is drawing increasingly near, at which point Bitcoin, et al. will either bear the brunt of government ‘crackdowns’ or will gain from favorable support.
Nevertheless, teasing out a single, consistent stance on crypto among world leaders is hard, with many saying conflicting issues about Bitcoin, Ethereum and other platforms, and many not openly mentioning anything at all. But one thing that does arise, amid all the noise, is that many are fascinated about blockchain technology in the abstract, without being fascinated about any cryptocurrency that really exists right now.
This could possibly have afflicted effects for crypto, if such a position ever interpret into concerted action against decentralized platforms to the gain of more centralised, government-endorsed alternatives. But then again, if the decentralization of society-led cryptocurrencies is as powerful as its exponents claim it is, what globe leaders think about Cryptocurrency might actually be insignificant in the long term after all.
Donald Trump’s stand on crypto
It seems that Donald Trump is not all that keen on talking about cryptocurrency, though it is possible to gather his general stance on Bitcoin by looking at what the people around him have mentioned about cryptocurrencies lately. While their words have been cautious or qualified, it would seem that Trump might probably be the most crypto-sympathetic leader in the Western world right now.
The EU favor of blockchain over Bitcoin
Shifting from the United States to the European Union, it is maybe unsurprising to note that a similar favoring of blockchain over Bitcoin is also prevalent. The French, Italian, British, Dutch and German governments have all drafted motives to introduce cryptocurrency regulation and a common theme in their suspicion of cryptocurrency buying and selling, concerns its security and money-laundering implications.
In December, the government of the United Kingdom disclosed that it wanted to introduce legislation that would make it illegal for cryptocurrency exchanges to permit users to trade incognito and without affirming their identities.
East Asia crypto revolution
Shifting away from the Western side, an even more restrictive stance towards cryptocurrencies and crypto trading is observable in China. On September 2017, the government of China banned not only ICOs, but also crypto exchanges from functioning in the Asian nation. A ban which was strengthened in February with the prohibition of foreign exchanges.
While President Xi, seemingly, is not much of a free-trade advocate to allow decentralised currencies from being circulated in China, he is yet another big fan of blockchain technology.