As the halving passes and the world enters into a new Bitcoin cycle there are promising signs for progress to be seen across the world
As the old Bitcoin cycle comes to an end and the new one begins, there is a certain level of energy and excitement imbued into the crypto-sphere. Especially with the snowballing levels of interest being taken in Bitcoin across the globe, there is every reason to suggest that this new cycle will be the most dynamic yet.
Countries who have not been as invested in Bitcoin as some of their peers have taken this new cycle as a time to claim a stake in the sector.
Vietnam’s Government has recently founded a new team of advisors to assist the government on cryptocurrency policy and regulatory decisions. The move comes as the Vietnamese Government looks to nurture pre-existing cryptocurrency business already in the country as well as encouraging fresh business to start-up.
Southeast Asia as whole looks to be truly embracing cryptocurrency with new measures being put in place in Thailand, Singapore and Malaysia to help facilitate the legal use of blockchain technology. None more so than Indonesia who legalised cryptocurrency over a year ago and are truly seeing the results.
Binance has invested in the crypto exchange, Tokocrypto, which is the country’s leader. The investment from Binance not only promises to help Tokocrypto grow and succeed as an exchange, but it also heralds a new crypto era for Indonesia.
Indonesia has the fourth-largest population in the world, combine that with the crypto education that Binance is promising as well as initiatives to get people using cryptocurrencies in their day to day lives, the resulting symbiosis of society and cryptocurrency could be truly remarkable.
If Southeast Asia is indicative of largely government-led crypto initiatives being in sync with the new Bitcoin cycle. South American nations are also looking to the new Bitcoin cycle as a sign of hope in spite of their own governments’ actions.
Nations like Brazil and Argentina where the value of their fiat currencies have taken massive hits recently see cryptocurrencies such as Bitcoin as great stores of value. This is in spite of the head of the Brasilian banking Federation recently stating that “cryptocurrencies do not fulfil any of the classic functions of the currency”, and thus by inference that they are not a store of value.
In conflicting times such as these, the benefit of cryptocurrencies and the promise of the new Bitcoin cycle is that it will always be there. It will always be an option, outside of the government’s control, which is in itself a comforting prospect.
One only has to look at Venezuela where Bitcoin, outside of the censorship of the Venezuelan Government, has been used to gain access to other world currencies that Venezuelans are forbidden from gaining access to, but are desperate to hold as stable stores of value.