While this may be read as an embrace of blockchain technologies, what this article shows is rather an acceptance that the technology cannot be stopped, so world powers should embrace it and regulate it.
We’ll see in the coming years how effective regulations are at controlling technologies such as blockchain that reward decrantalization over centralization.
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In the era of global economic transition, Blockchain user interfaces will function as a crucial link in bridging the gap between the old and the new order. Russian President Vladimir Putin’s assertion at the G20 summit reveals that digital technology is an important aspect of global economic future.
New digital order
According to Vladimir Putin, the global economic transition to a new industrial order will be underpinned by the development of digital technology. He said this at the G20 summit that was held in Hamburg on July 7-8 2017.
“We believe that the G20 will take a leading role in shaping international regulations in this area, improving international financial systems so all economies can benefit from it, including in the developing world remains high on the G20 agenda.”
Although Putin’s comment on the development of digital technologies and the necessity of regulatory frameworks to facilitate the growth of the technology sector was quite general, his call for international regulations over the rapidly growing technology sector could be relevant to Bitcoin and the cryptocurrency market.
Putin requested for unified international regulations on digital technologies that should include Bitcoin. The majority of countries participating in the G20 including China, Japan, the UK and the US have regulated Bitcoin, while Russia and India are yet to provide regulatory clarity on cryptocurrency trading and operations.
To achieve this goal, there has to be a meeting point for digital technology as designed and the traditional industrial systems. This would come in the form of user interfaces that will enable regular individuals without coding skills to adapt the emerging technology.
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In the era of global economic transition, Blockchain user interfaces will function as a crucial link in bridging the gap between the old and the new order.