It has just been announced that the British Royal Mint will launch a gold trading platform, based on the blockchain.

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I am avidly following the Crypto News Sites and what astonishes me is how different the mind-sets are between First World Countries and Developing countries.

I am currently studying a report of an African Nation who has realized the emergence of the Blockchain and Virtual currencies as they call it. The report highlights various well-known and publicized facts about the blockchain and crypto currencies.

The first reaction to this realization was:We should regulate virtual currencies as it is a danger to our economies!

LOL, I find this really funny, as my first thought was ... "Brain, What are we doing tonight ? The same thing we do every night, Pinky, let's regulate Bitcoin and the blockchain and all other crypto currencies"

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In Developing Countries - Lets regulate Virtual Currency

In another news item which were publicized in 2015 in Kenya, the Central Bank of Kenya warned users that Bitcoin is not legal tender in Kenya, as it is not produced by the Central Bank of Kenya. This warning caused a big shake-up in the country, as Kenya has the biggest user base of the closed loop mobile payment system M-Pesa. Safaricom is the largest mobile network provider in East Africa. Go figure…

In First World Countries - Let's embrace this new technology and use it for our benefit

The Royal Mint, owned by Her Majesty’s Treasury, will soon begin a “digitized gold offering” made possible by blockchain technology, bitcoin’s underlying innovation.

Announced today, The Royal Mint revealed its partnership with CME Group, a derivatives marketplace to develop the digital gold product called Royal Mint Gold (RMG).

For a 100-year-old institution, the announcement represents a significant endorsement of the technology. “RMG will change the way traders and investors trade, execute and settle gold,” The Royal Mint stated. Initially, up to $ 1 billion worth of gold in RMG will be launched, the authority further revealed.

View the full CryptoCoinNews article here

Sure some regulation is needed.

I am not promoting a non-regulated environment, where money laundering and terrorism can flourish. I do however believe that a transparent, decentralised, currency and blockchain can seriously assist with the terrible and ongoing corruption on the African continent.

It will also assist the millions of people who do not have access to bank accounts, struggling to send money across borders to their families at a ridiculous exchange rate and large commission payments.

Why else do you think that developing countries would jump on the regulation boat at the first possible harbor?
And this is in an already, ridiculously over regulated environment :)

Come on developing countries ... read more, study more, understand more, embrace more and regulate less. What about the positive side of the blokchain and crypto currency?

I know it is not always sunshine and roses in First World Countries, but we have our fair share of problems in developing countries. Especially in a country like South Africa, that is taking more steps backwards, than forward.

Happy Steeming

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I am currently busy with a series of posts on real world problems within Africa and other developing countries, which will be followed by a blockchain based solution to resolve these issues.
Blockchain Will solve problems in Africa and other developing countries