2019 to 2020: Insiders, Outsiders and Experimenters in Crypto Regulation: Part 2
Cointelegraph By Zachary Kelman's original article for cointelegraph.com reduced by 83%%
Unlike the Insiders, which built the modern financial system on top of the U.S. dollar in the 1940s, the Outsiders pay for access to that system due to varying historical and geopolitical reasons. Crypto: The Outsiders' double-edged swordLed by China, the Outsiders shredded extreme poverty over the past 30 years from 40% globally to less than 10% today.
To borrow a phrase from Winston Churchill, Russia's 2019 position on crypto remains a riddle, wrapped in a mystery, inside an enigma - at least, to the untrained eye. 2019 witnessed China pivot stronger than any Outsider country toward crypto, announcing blockchain as central to its upcoming five-year plan. On some level, it is clear that either the policies of China's central bank, the PBoC, or the Chinese public's appetite for crypto puts China at a greater short-term risk of capital flight than the other Outsiders, but its own burgeoning startup, e-commerce and artificial intelligence industries are positioning the country for long-term competitiveness in a more decentralized financial world.
Needless to say, the machinations at the top of the Chinese Communist Party remain the X-factor for the crypto markets in 2020 - with President Xi wielding the power to wreck your portfolio harder than an inverted cup and handle on BitMex. In the third and final installment of this yearly crypto recap, we will look at the "Experimenters": the countries that have waded into the uncharted regulatory waters to bring crypto projects onshore.
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