“Regulators would be wise to avoid the chainsaw when microsurgery could do” when it comes to blockchain technology, says author Don Tapscott.
Tapscott, the co-founder and executive director of the Blockchain Research Institute (BRI) – a multi-million dollar global blockchain think tank – published a report Wednesday calling for increased regulatory clarity on blockchain and cryptocurrencies. The report also recounts the takeaways from a roundtable discussion held in May on cryptocurrency regulation.
The report identifies the four “core issues” of regulatory oversight as being a lack of regulatory clarity, obsolete statutes, a lack of dialogue between both regulators and other stakeholders, as well as, financial service providers and blockchain entrepreneurs.
The report does caution a clear “Canadian slant,” given that the majority of the near 70 participants were from Canada.
This would explain why some of the major takeaway items are explicitly geared towards a Canadian audience, with one such action item being “establish a national regulator in Canada” highlighting the lack of a central securities regulatory authority in the country.
Other such recommendations in the report include forming action committees, encouraging special interest groups and creating clearer distinctions between different types of cryptocurrencies.
All of these recommendations, however, seem to support the sentiment for a greater degree of clarity when it comes to blockchain technology, not just with government officials but with the broader public as well.
“The new oil of the digital age is data…We need to help educate the public to distinguish a cryptocurrency from the many amazing results that people are achieving with blockchain, and what they might do with a self sovereign identity secured on a distributed ledger”
Ongoing research by BRI on the impact of blockchain technology to society is supported by leading corporations and government agencies such as Microsoft, IBM, the Bank of Canada and more recently, Salesforce.
In February, it was reported that BRI would be taking on a new project with one of India’s leading tech industry organizations to help developers in the country learn more about the use cases of blockchain technology and spur forth stronger digital economies.