Crypto venture capital firm Paradigm, Square, Fidelity Investments and Coinbase Crypto Exchange have set up a new Cryptocurrency Council to attract policy makers to support the fast growing crypto industry.
The goal of the newly formed trading group “The Crypto Council for Innovation” is to ensure that policy makers understand the importance of crypto innovation and develop favorable regulations that enable the industry to be successful.
“The Crypto Council for Innovation” aims to shape the way in which crypto assets are regulated and seeks to demonstrate the crypto transformation promise and communicate its benefits to policymakers, regulators and people around the world “.
Fred Ehrsam, co-founder of the investment firm Paradigm, told the Wall Street Journal that “cryptocurrency is at the turning point of the mainstream”.
“It is at a very early stage and, much like the Internet (earlier), is very fragile at this stage. It is a challenge because policy makers want to balance risk and reward, and even people who spend time in it Spend area would have difficulty. ” to predict where this will lead in the next ten years. It was very difficult to say where the internet was going. “
The council plans to assemble a council of representatives from each of the four founding members. The council will also set up a leadership team.
Cryptocurrencies Help to the world economy
The formation of the crypto council occurs at a time when the prices of several cryptocurrencies have risen, which has attracted the interest of mainstream investors as well as the brokers and banks that serve them. Bitcoin’s total market cap rose to $ 1 trillion for the first time earlier this year.
Cryptocurrency is a new industry as many people are still not being sold in the future of the market. Crypto evangelists claim that crypto assets and blockchain technology provide the opportunity to create jobs and expand financial services for consumers around the world with little or no cost.
Cryptocurrencies have the potential to enable economic and social growth worldwide, including in developing countries, by providing easier access to capital and financial services. Hence, regulators and policymakers around the world will play a prominent role in shaping the future of crypto assets.
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