Monday, 03 August 2020

Bitcoin business can grow faster without barriers

DUBAI: A financial expert has said that Bitcoin companies can be regulated in a number of ways, but it would grow faster if it could do business openly and without barriers, advised a British financial expert.
Charlie Morris, the Lead Manager of the Newscape Diversified Growth Fund, and the Co-Manager to the Newscape Emerging Markets Equity Fund told this reporter in the wake of the concluded Knowledge Summit that although Bitcoin companies can be regulated, “it is important to remember that the bitcoin network can survive outside of the formal system.”

Morris, who is also the Chief Investment Officer at Newscape, said the regulation is “likely to focus on money transfer, custody and identity. Governments want to ensure criminal is not tolerated and more importantly, to collect taxes.”

During the Summit, Charlie had featured on the session; “Economy & the 4th Industrial Revolution.” He was alongside the CEO of, Ronaldo Mouchawar; the Co-Director of Oxford Martin Programme on Technology and Employment, Carl Benedikt Frey and the Director of the Human Development Report Office, Selim Jahan.

They discussed the virtual currency Bitcoin and a cashless world; Blockchain –the decentralised ledger that keeps out middlemen in some transactions; e-Shopping and the jobs between humans and robots.

Asked how does the emergence of Bitcoin in the financial world affect economies; Morris said that along with related areas of investment, $250 billion of wealth has been created.

“However, this is still quite small when spread across the world, and only a small portion has been realised and converted into cash or non-digital assets. However, at the margin, this wealth creation will boost consumer spending in certain areas as a new breed of entrepreneur has arrived. But the global impact is modest at this point.”

On Blockchain, Morris was positive of this development arguing that it “could be used for secure record keeping whereby third parties would have legitimate access to information. This could include medical records whereby private hospital wish to share information.”

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