The blockchain and cryptocurrency community saw an historic moment last week when US President Joe Biden signed an executive order on cryptocurrencies.
We’ve known for some time that the White House has been investigating cryptocurrencies, yet nobody was certain if this would help or hinder this technology. However, the executive order shows that cryptocurrencies are being taken seriously. It is no longer an underground technology only accessible by those who ‘get it’ but is now recognised as a disruptive technology – one that has massive implications to current banking and payment systems and the international economy.
The executive order details what government agencies need to develop in respect to regulation and policies on how digital assets are traded and governed. But now is not the time to rejoice and celebrate, thinking that Satoshi Nakamoto’s vision will be fully realised. We aren’t sure how this order will manifest, but it is a step in the right direction.
Here’s a breakdown of the six policy objectives that are covered in the order:
- Consumer, investor and business protection
- US and global financial stability
- National security risks and AML/CFT compliance
- Financial and technological competitiveness
- Financial inclusion
- Responsible and sustainable innovation
The order also issues an assessment into the potential of developing a Central Bank Digital Currency (CBDC). This can allow for cryptocurrencies to become integrated with current banking and payment systems.
As the United States is a powerhouse across the global economy, this first step to issuing regulations can open innovative potential to digital assets and the emergence of Web3. This executive order shows that cryptocurrency is being taken seriously by those at the seat of power; it’s a reminder that it is pertinent that New Zealand does not miss the opportunity to be a leader of the pack.
Last year, the Reserve Bank of New Zealand released an issues paper on the Future of Money – Central Bank Digital Currency that discussed the potential benefits, opportunities, as well as challenges of digital assets and the prospect of introducing a stablecoin. BlockchainNZ submitted a thorough response to this issues paper, which you can read here.
FLUF World’s Ukrainian Scene Drop
We can’t imagine what the Ukrainian people are enduring at this time, but with the help of the FLUF World community, we can #StandWithUkraine, sharing our love, solidarity and support.
A special edition of #FTW (F*ck The War) charity scene was available for mint in an unlimited quantity. Co-designed by a Ukrainian designer, 100 percent of funds raised went to charitable causes supporting those affected and displaced by this conflict. Non Fungible Labs also matched the total amount raised 1:1.
Stand With Ukraine NFT Drop
The Universe.XYZ team also launched a charity NFT drop to support the people of Ukraine.
This team has more than 20 Ukrainians and some were creating art and building the website from the bunker. The Stand with Ukraine NFT drop managed to raise another NZ$168,000, which was donated to the Ukraine crypto wallet. You can learn more about this initiative here.
Get involved with BlockchainNZMember Profiles:
We’re keen to have a chat about the work you’ve been doing in the blockchain space! If you would like to put your hand up to be interviewed for our member profile series, email us at team@blockchain.org.nz.
Annual Conference:
Lately, we’ve been tossing around the idea of hosting an annual conference (once COVID-19 allows,) to come together, network, learn and share our passion for blockchain. Like the idea for a blockchain conference for 2023? Let us know!
Crypto Legal Working Group:
With President Biden’s signing of the executive order last week, there is no better time than now for Aotearoa to get ahead of the game. We’re interested in establishing a crypto legal working group to assist our community to understand the laws and regulations surrounding cryptocurrencies. If you believe you can contribute and want to be involved, please email us at team@blockchain.org.nz.
Call for Articles:
Anything interesting being developed in your space? Do you have an opinion on the direction of blockchain, or want to produce an insightful thought piece for our website? We’d love to hear from you. To submit an article, or for more information, please email us at team@blockchain.org.nz.
Techweek22:
Techweek22 is around the corner, from 16-22 May, so it’s a great time to put your name down as a sponsor or event organiser. If you’re planning to host an event, let us know so BlockchainNZ can support you!
Ngā mihi nui,
Alison Mackie
BlockchainNZ Community Manager
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