Blockchain technology is quickly becoming more widely accepted across public and private sectors alike, especially in developing countries in Asia, where regulators are working to keep up with the evolving technology, according to GSMA Hong Kong.
GSMA is a global trade body for mobile network providers, representing the interests of the mobile communications industry and providing consultancy to governments, corporations, and NGOs worldwide.
Paul Ulrich, Senior Policy Manager of APAC, GSMA Hong Kong, said that the overall sentiment is positive for distributed ledger technology.
“For blockchain technology itself, there’s universal acceptance. I haven’t come across one government either in person or having read about any that are at all negative about the underlying technology,” Ulrich said.
He also praised India for its successful endeavor in becoming one of the first nations to adopt blockchain for a regulatory activity — blocking unwanted calls.
“From a regulatory standpoint, I think the [developing country] that has been the most active has been India and that’s exciting because of their size and their influence in the sub-continent, especially for the countries around them,” Ulrich said.
Meanwhile, the senior policy manager said stablecoins could address many problems that are found among cryptocurrencies, while Facebook’s Libra and its proposal for a blockchain-based identification system are good news for the industry.
“I’m a big fan of stablecoins: currencies that are tied to fiat. Example: the recent initiative by Facebook, that didn’t get much press, which is quite interesting. There are two lines in its 20-page white paper, and 100 pages of documentation basically saying it wants to create a self-sovereign ID system, which would be on an ID system based on blockchain, where the users themselves have control of their data,” Ulrich said.
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