Digital currencies present significant potential for disrupting traditional industries and processes – but the way it is regulated and overseen will have a significant consequence for the technology’s ultimate impact. This new form of money ventures into unchartered territory, raising questions about jurisdiction, compliance standards, and the processes governments use to govern and regulate technology and currency.
Given the early stages of digital currency exploration and development, governments struggle with accurately predicting how their current regulatory environments will affect whether digital currencies realize their potential.
Preparation is key. Without a proactive outlook, governments run the risk of widening existing gaps, incentivizing monopolistic behaviour, and falling behind on their own innovation agendas.
Designing and prototyping regulatory frameworks to support responsible regulation of digital currencies that anticipate global engagement.
The project will:
- Publish case studies of relevant regulatory approaches to digital currencies – highlighting both successes and opportunities for improvement.
- Create a globally relevant barometer for evaluating a country’s “digital currency readiness.”
- Make recommendations to governments to help spur blockchain innovation by the public and private sector.
By assessing a country’s blockchain readiness, particularly within a global context, governments will be able to design effective policies for blockchain and cryptocurrency regulation and in-country development.