Amid geopolitical tensions and the wholesale collapse of national economies, governments and financial institutions are increasingly turning to cryptocurrencies and digital assets, embracing the technology and moving to regulate crypto activities, according to a report by the Times of India.
In Japan, meanwhile, cryptocurrency is now regulated as a form of payment. Other countries like France and Portugal have gone as far as declaring cryptocurrency a non-taxable event.
In the private sector, the crypto market has been accepted by investors, banks, other financial institutions, and more. Even Jamie Dimon, CEO of JPMorgan Chase & Co., who once publicly denounced the technology, has made an about-face, saying he is aware of the potential of blockchain as well as the cryptocurrency ecosystem.
Earlier this year, America’s largest bank by assets announced that it is developing its own token, “JPM Coin,” to be backed by the US dollar.
Following the recent financial crises in Greece, Zimbabwe, and Venezuela, many stakeholders have given a more positive outlook on cryptocurrency, believing it has the potential to hedge against economic woes, including hyperinflation and the collapse of major financial institutions.
Asset classes like cryptocurrency are seeing more investment, owing in part to the US-China trade war. Digital currencies have also earned greater acceptance with decentralized applications, such as Alluva, which allows individuals to make predictions on crypto asset prices without investing in them.
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