{"id":139880,"date":"2021-07-29T09:00:52","date_gmt":"2021-07-29T09:00:52","guid":{"rendered":"https:\/\/www.regenesys.net\/reginsights\/?p=139880"},"modified":"2024-06-25T12:40:13","modified_gmt":"2024-06-25T07:10:13","slug":"blockchain-explained-part-3","status":"publish","type":"post","link":"https:\/\/www.regenesys.net\/reginsights\/blockchain-explained-part-3","title":{"rendered":"Blockchain Explained \u2013 Part 3"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text single_style=&#8221;&#8221;]<\/p>\r\n<p>In the first part of this series, you were introduced to databases and the blockchain.\u00a0 We introduced Bitcoin as a cryptocurrency and defined money.<\/p>\r\n\r\n<p>In the second part of this series, we illustrated the drivers behind the value of cryptocurrencies and brought you the experts\u2019 opinions on whether you should buy Bitcoin.<\/p>\r\n\r\n<p>In this third part of the series, we examine the regulatory environment of Bitcoin.<\/p>\r\n\r\n<p><strong>It\u2019s important to re-emphasise the definition of a cryptocurrency:<\/strong><\/p>\r\n\r\n<p>Cryptocurrency is a digital currency, secured by cryptography which protects the currency against counterfeiting or double spending.<strong>\u00a0 <\/strong>This is digital or electronic money in encrypted form (also known as \u201cprivate money\u201d).<\/p>\r\n<!-- \/wp:post-content -->\r\n<p><!-- wp:paragraph --><strong>External Regulation of The Crypto Space<\/strong><\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->Different countries have different views and regulations regarding the adoption of cryptocurrencies. Cryptocurrencies are legal in the United States (US), but there are no regulations governing activities in cryptos.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->Europe was one of the initial countries to legalise cryptocurrencies but has no specific regulation to govern crypto activities. Please read more on the various countries&#8217; points of view regarding regulating cryptocurrencies:<br \/><a href=\"https:\/\/www.analyticsinsight.net\/a-rundown-of-cryptocurrency-regulations-across-the-world\/\">https:\/\/www.analyticsinsight.net\/a-rundown-of-cryptocurrency-regulations-across-the-world\/<\/a><\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->South Africa is encouraging cryptocurrency and is actively developing regulations.\u00a0 Our panel aired their view that politicians\u2019 involvement in the economy has destroyed value.\u00a0 The Rand is almost 60 years old and has lost 99 % of its value.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->Politicians are seen to be all about power.\u00a0 The South African Reserve Bank\u2019s official policy on inflation targeting has led to erosion of the value of the currency, due to its inflation targets.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->The tongue-in-cheek advice is to buy Bitcoin, to hedge investors against politicians and regulators. The essence is that, without regulation, the public may be cautious about investing in these cryptocurrencies.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph --><strong><a href=\"https:\/\/www.regenesys.net\/reginsights\/wp-content\/uploads\/2021\/07\/reg-insights-22.jpg\"><img decoding=\"async\" class=\"alignnone wp-image-139911 size-large\" title=\"Blockchain Explained \u2013 Part 3\" src=\"https:\/\/www.regenesys.net\/reginsights\/wp-content\/uploads\/2021\/07\/reg-insights-22-1024x576.jpg\" alt=\"Blockchain Explained \u2013 Part 3\" width=\"770\" height=\"433\" srcset=\"https:\/\/www.regenesys.net\/reginsights\/wp-content\/uploads\/2021\/07\/reg-insights-22-1024x576.jpg 1024w, https:\/\/www.regenesys.net\/reginsights\/wp-content\/uploads\/2021\/07\/reg-insights-22-300x169.jpg 300w, https:\/\/www.regenesys.net\/reginsights\/wp-content\/uploads\/2021\/07\/reg-insights-22-768x432.jpg 768w, https:\/\/www.regenesys.net\/reginsights\/wp-content\/uploads\/2021\/07\/reg-insights-22-1536x864.jpg 1536w\" sizes=\"(max-width: 770px) 100vw, 770px\" \/><\/a>Self-Regulation of The Crypto Space<\/strong><\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->Through the very nature of blockchain technology, cryptocurrencies self-regulate, protect themselves against manipulation and maintain a tamper-resistant ledger.\u00a0 The incentives of investors are aligned through the native asset itself.\u00a0 Open-source software allows participants worldwide to access the technology and only economic participants may change the codes.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->The regulations are moving into a different layer which relates more to cyberspace crimes, that is, scamsters pretending to be Luno.\u00a0 The regulations should not, therefore, be about the &#8220;money&#8221; itself, but rather the environment.\u00a0 It is recommended that service providers are regulated, rather than the currencies themselves.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->The ability of investors to self-regulate brings about a more sophisticated approach \u2014 that of self-custody. Self-custody is when the investor has complete control of their cryptocurrency via a personal private key \u2014 a well-formed and unguessable number that grants access to the assets. This enables you to make your own decisions about your own money.\u00a0 The essence is to keep your private key safe!<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph --><strong>Is It Essential to Have a Central Bank for Digital Currencies?<\/strong><\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->The private sector has long been successful at implementing its payment systems.\u00a0 An example of this is the PayPal payments system.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->In China, the bulk of payments are being made on similar payment systems.\u00a0 The Chinese started their digital currency, but this is still being controlled by their Central Bank.\u00a0 Central banks would not like to give control of \u201cmoney\u201d to private entities.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph --><strong>How Will the Blockchain and Cryptocurrencies Impact the World\u2019s Monetary Systems in Future?<\/strong><\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->The panellists believed that this new technology may be the end of banking as we know it, but are uncertain as to what it will look like. Mainstream newspapers make much of a downturn in private currencies and some commentators imply that we have come to the end of private currencies.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->The Bank of International Settlements made statements that private currencies will come to an end but at the same time said that central banks will continue to use them.<\/p>\r\n<!-- \/wp:paragraph -->\r\n<p><!-- wp:paragraph -->We are under the impression that economies of the world are moving more into the tertiary or digitise part of the economy.\u00a0 The idea of countries as geographic areas and where people are situated will become irrelevant over time.\u00a0 The entrance of digital currencies into the financial markets may very well ring in the end for central banks, banks as we know them and even the sovereignty of countries.<\/p>\r\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text single_style=&#8221;&#8221;] In the first part of this series, you were introduced to databases and the blockchain.\u00a0 We introduced Bitcoin as a cryptocurrency and defined money. In the second part of this series, we illustrated the drivers behind the value of cryptocurrencies and brought you the experts\u2019 opinions on whether you should buy Bitcoin. In<\/p>\n","protected":false},"author":35,"featured_media":139901,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_sitemap_exclude":false,"_sitemap_priority":"","_sitemap_frequency":"","footnotes":""},"categories":[1,585],"tags":[],"country":[],"class_list":{"0":"post-139880","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-a-z-topics","8":"category-business"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Blockchain Explained \u2013 Part 3 - RegInsights External Regulation of Crypto<\/title>\n<meta name=\"description\" content=\"Blockchain explained. 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