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Cryptocurrency ban could destroy economies for decades: Tapscott
Jan25

Cryptocurrency ban could destroy economies for decades: Tapscott

Best-selling author and blockchain advocate Don Tapscott on Wednesday called for South Korea’s “sensible regulation” on cryptocurrency tokens and initial coin offerings, warning the government could otherwise “destroy economies for decades,” during a press conference in Seoul. Tapscott called bans on cryptocurrencies and initial coin offerings “heavy-handed approaches used by dictators and undemocratic countries,” and contrasted them with “sensible regulation.” The 70-year-old Canadian was one of the speakers at a forum titled “Blockchain Revolution: Convergence with Traditional Economy” held in Seoul Dragon City. “Governments can crush this and destroy their economies for decades,” he said. “It’s not clear which way (South Korea) will go, but there is an optimal and correct direction.” Read the full article in the Korea...

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Tapscott on South Korea Crypto Ban: It Could Mean Economic Ruin for Decades
Jan25

Tapscott on South Korea Crypto Ban: It Could Mean Economic Ruin for Decades

Don Tapscott, blockchain advocate and best-selling author, believes that South Korea would be doing the world and itself a disservice by banning cryptocurrency trading within its borders. The world awaits anxiously as South Korea continues to debate whether it should close down all cryptocurrency exchange activity. Don Tapscott, a best-selling author and business technology specialist, believes that such a ban would be a monumental mistake. He said that ICO and cryptocurrency bans are “heavy-handed approaches used by dictators and undemocratic countries,” urging South Korea to pursue “sensible” regulation that won’t annihilate its local market. Read the full article on...

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Don Tapscott urges ‘sensible’ cryptocurrency regulations
Jan25

Don Tapscott urges ‘sensible’ cryptocurrency regulations

Blockchain expert Don Tapscott called on the Korean government to take a “smart and sensible” stance while regulating cryptocurrencies, adding heavy-handed moves like an outright ban on initial coin offerings could hinder the development of blockchain technology and “crush and destroy economies for decades.” “There are two ways the government can regulate cryptocurrencies,” Tapscott told reporters at a press conference held during the “Blockchain Revolution: Convergence with Traditional Economy” forum in Seoul on Jan. 17. “There are heavy-handed regulations by dictators and undemocratic countries that seek to ban cryptocurrencies and ICOs and there are approaches taken by smart democratic countries that want to build an innovative economy.” “In the case of Korea, it’s not clear which way the country will go. But there is an optimal and correct direction. It’s not that complicated.” Read the full article on The...

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Will Trump in Davos be the elephant in the china shop?
Jan25

Will Trump in Davos be the elephant in the china shop?

The World Economic Forum in Davos started today, and US president Donald Trump is attending. He is no doubt happy to be invited. Last year I described him as “the elephant not in the room.” This year he’s more likely to be the elephant in the china shop. The theme of the meeting is Creating a Shared Future in a Fractured World. Discussions will focus on finding ways to reaffirm international cooperation on crucial shared interests, such as international security, the environment and the global economy. “We need collaborative efforts,” Forum founder and executive chairman Klaus Schwab said earlier this week. He warns that “There is today a real danger of a collapse of our global systems… It is in our hands to change the state of the world.” Read the full article on Quartz Photo: Reuters/Denis...

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Will Trump in Davos be the elephant in the china shop?
Jan22

Will Trump in Davos be the elephant in the china shop?

Last year I described him as “the elephant not in the room.” This year he’s more likely to be the elephant in the china shop. The World Economic Forum starts in Davos on Monday – and there’s a star attraction, or distraction, in U.S. President Donald Trump. On the agenda of the Monday-to-Friday event: more than 400 sessions, with Mr. Trump scheduled to speak on Friday. On the minds of organizers: collaboration. “We need collaborative efforts,” forum founder and executive chairman Klaus Schwab said last week. “There is today a real danger of a collapse of our global systems. … It is in our hands to change the state of the world.” Read the full article in The Globe and...

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The Blockchain Research Institute Manifesto: Realizing the new promise of the digital economy
Dec20

The Blockchain Research Institute Manifesto: Realizing the new promise of the digital economy

As many of you already know, my son Alex and I have founded the Blockchain Research Institute to investigate the strategic implications and opportunities created by this new technology. I’ve been asked to explain what we stand for at the institute. As a result, we’ve created this ten-point “Manifesto.” I would love to hear your thoughts! If your company is interested in joining the Blockchain Research Institute, please contact info@tapscott.com. The Blockchain Research Institute Manifesto Blockchain (also known as distributed ledger technology) represents the second era of the Internet; an Internet of value, and not just the value layer on the Internet stack. We’ve never had this capability before – trusted transactions directly between two or more total strangers, authenticated by mass collaboration, and powered by collective cryptography, clever code, and self-interest. It is the culmination of what Alan Turing started, a true paradigm shift ushered in by decentralized ledger technologies. Like the Internet of information before it, blockchain promises to upend business models, disrupt industries for the good, and lower the barriers for entrepreneurs to compete against incumbents. It is pushing us to challenge how we have defined value, funded innovation, structured power, and rewarded participation. However, incumbents should view blockchain not so much as a threat but as a call to action. This technology holds vast promise to solve many of the planet’s problems such as climate change. It also has the potential to address the unintended, unwelcome, or unlawful consequences of the first era, namely the erosion of privacy, security, economic inclusion, intellectual property rights, and freedoms of speech, press, religion, and cultural expression. Central banks should convert their fiat currencies into digital ones, and governments should embrace this technology to improve their operations and increase transparency and accountability for those in office. We believe that government participation and even considered, light-touch regulation will likely have a greater role in preserving both the rights and powers of citizens and consumers. All functions of management will change. We expect this technology to reconfigure the architecture of the firm and the nature of competitiveness. It’s already demonstrating its ability to lower transaction costs and eliminate the third parties needed to establish trust. Competition between the many types of blockchains – permissioned/permissionless, open/closed, with a currency and not, using differing consensus systems and addressing different opportunities – is healthy and will take time to sort out. But protracted standards wars within platforms stall development and burn capital. Without standards, progress will be slow. There is growing hyperbole, volatility, and this rush to innovation will produce countless failures and fraud – all which occur with any new, breakthrough communications medium. But the fundamentals...

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