How regulations affect blockchain technology adoption?
Different industries are trying to adopt blockchain technology into their current system and these applications cause the needs of standard blockchain technology regulations. There are four key areas that drive attention from governments around the world, including virtual currencies (tax issues), data encryption, privacy, and identity management. Currently, regulations are highly depending on each government rather than a standardized one. In the United States, the federal government has not exercised any power to regulate blockchain technology but intend to let state government introduce their own regulations, which can cause varies differences. Meanwhile, due to the EU system, Europe has more welcome and positive attitude and standardized regulations toward blockchain technology. China, on the other hand, although China government like to see the thriving in blockchain technology, it will not allow the technology over the regulations. Thus, Bitcoin transaction is currently prohibited in China.
Based on governments’ attitudes, we can tell how risk appetite and government controls various in different countries. My question is in your opinion, which one is more important, technology development or government control? Is it ok to sacrifice either one in order to achieve any potential future goal?