Governments Will Backpedal Crypto Support or Increase Limits

I lived in Singapore for a couple of years (before Covid hit). Loved every minute of my time there.

They provided me with the perfect ecosystem for my startup and served as a great international hub where business opportunities came to YOU.

However, after spending more and more time in the blockchain space, I realized that many governments and even “experts” usually made bold claims without genuinely understanding the technology they were supporting. Especially those who wanted to become “crypto-friendly.”

This is no one person’s fault.

It’s a symptom of the entire industry.

Therefore, this latest news from Singapore comes as no surprise. As more and more people understand what’s at stake, they may realize there’s a lot of smoke and mirrors but very little substance (for now).

Scams and deceptive practices aren’t new either. Crypto has just made it more pronounced, as any other technology has done in the past.

When you dig deeper, you realize that Bitcoin’s original promise as a “peer-to-peer electronic cash system” means things like #micropayments (paying for things online for less than a cent) is what was truly innovative.

Everything else being marketed as “new” is just cosmetic:

  • NFTs? Most are still being used just for membership access.
  • DAOs? Most are general partnerships trying to solve people problems.
  • DeFi? Most are more centralized than traditional platforms.

With this news from Singapore, I expect more governments to backpedal and retract any supporting statements about crypto. If not entirely, then with more limits.

But this is a good thing, especially for online communities, because average users need such protections.

It means that the rise in demand is significant enough that there’s a need for regulation.

Next up (or soon to come): freezing, seizing, and returning blockchain-based funds for users.

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George Siosi Samuels

George Siosi Samuels

Exploring and navigating all things meta — from meta-communities to metaphysics, to the metaverse. Blockchain, behavioral economics, and ancient wisdoms.