For more than a decade, those who doubt have removed the crypto less than the speculation. However, the moments of the crisis are ongoing testing, and in many cases, Bitcoin has been delivered where traditional systems fail.
This week’s episode of The Clear Crypto Podcast, which brought you to Starkware and Cointelegraph, explored how bitcoin’s real-world utility and why the US regulation environment could produce or break the industry.
Real-World Applications
Back in 2013, when EU Bailout threatened to push Cyprus out of the euro, ordinary people began to look for successors. “The people of Cyprus started buying bitcoin as a safe shelter at that time,” said the founder of the digital chamber and chair Perianne Boring.
“To me, that is when we see a real case of using bitcoin that can serve as an alternative to fiat currencies.”
Another noteworthy example is derived from Afghanistan, where women face laws that prohibit them from opening bank accounts. Roya Mahboob’s coding school turned to Bitcoin as a workaround.
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As Boring explained, “There are no laws that say women can’t have Bitcoin purses. So she thought, well, we can try it too.” Years later, when the Taliban’s power was a man of power, those women could flee with their whole savings.
“They were able to bring their Bitcoin to them … and now they can start their lives with the ways and funds and resources they have earned.”
These stories are key examples of why crypto objects out of the speculative markets and why regulatory clarity is now urgent. However, where there is a real-world utility, it often comes with world regulations.
Real-World regulations
In Washington, the cracking of the biden period in exchanges and tokens paved a new approach under the supervision of President Donald Trump. With Paul Atkins replacing Gary Gensler as a SEC Chair, the agency faces pressure to clarify which owners are falling under its scope.
“The SEC should not be the main regulator for cryptocurrencies. Most cryptocurrencies are goods and they should be regulated by the CFTC,” Boring said.
For developers, investors and policy manufacturers, the stakes are high. Clear policies may allow the US to compete around the world, while ongoing uncertainty are risks to driving innovation in the coast.
Like boring put it:
“Having laws and regulations in the area that allow companies to build clarity … is really important to deploy this technology and make it available to the masses.”
To hear complete communication with clear crypto podcasts, listen to the entire stage in cointelegraph podcasts Page, Apple podcast o Spotify. And don’t forget to check the entire cointelegraph lineup of other shows!
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