Cofounder of Morgan Creek Digital Anthony Pompliano also known as Pomp in the Twitter streets has lauded Singapore’s stance on crypto. Speaking on CNBC’S Squawk Box on Monday, he said that Singapore’s proactive stance on crypto could leave the rest of the world racing to catch up.
The discussion which also featured Coinshares’ chief strategist Meltem Demirors aired the same day that congress was involved in a series of Blockchain and crypto regulation hearings. Pompliano lauded Singapore’s enthusiasm and proactive stance on crypto by highlighting the country’s willingness to provide clear rules and clarity.
“Look at Singapore; Singapore’s saying, ‘Bring it on! We’re going to provide rules, we’re going to give you clarity and we want these companies here – we want the innovation, we want the entrepreneurs to come in,’” Pompliano explained.
Singapore remains to be one of the most developed jurisdictions for crypto businesses worldwide, with Singaporean authorities seeking to give innovation more room to maneuver early on through state sponsored implementations of Blockchain in particular already slated for a major rollout next year. Projects such as Project Ubin, which is a joint effort between Singapore’s Central bank and industry players, focuses on payments and securities clearance using so called distributed ledger technology (DLT)
Pomp as he is known online, has been quite vocal in his support for Bitcoin online in recent months, while defending it from naysayers such as gold bug Peter Schiff. By contrast, Demirors was not as optimistic about the possibility of proactive regulation in the US. She argued that Bitcoin was designed to eliminate middlemen exercising unfair control over the system but ironically enough; the crypto industry expects the same Middlemen to permit them to operate under their terms. “What the United States is saying is that you can have Bitcoin so long as you play by our rules,” she added.
Demirors went on further to reference this week’s scandal involving a hacker that stole data from 100 million US customers of credit card provider Capital one. She added that even onside actors such as crypto exchanges, fell under the middleman tag. She continued;
“This whole movement is about eliminating our dependence on intermediaries… we see large scale systemic risk coming from these large institutions and so the idea of Bitcoin doing away with these intermediaries is a good one, but we’ve become more and more dependent on intermediaries than ever.”
Governments worldwide remain highly varied in their treatment of crypto worldwide, with governments such as Singapore showing enthusiasm towards the technology while others such as India being among the few that appear to be open to criminalizing the use of cryptocurrencies.
Image Courtesy of coinpedia.org
