A blockchain industry group, BlockchainNZ, in a press release on 21 May, stated that it would be requesting the government to release a national blockchain policy. The executive director of the group, Mark Pascall, will be giving a presentation to the country’s parliament’s economic development, science and innovation select committee on the economic advantages of using blockchain based technologies. The presentation is reported to include an introduction to blockchain, cryptocurrencies like Bitcoin, smart contracts, and decentralized organizations.
Pascall reportedly commented that the group of international experts associated with BlockchainNZ could help work with the government to formulate the proposed framework relating to blockchain technology. He, in fact, believes that the centralized global village that we live in poses considerable financial risks for countries like New Zealand. Therefore, moving to a crypto driven system can have significant economic advantages for the country.
A Global Move Towards Crypto
Germany and Australia have been two of the essential countries who have recently developed their economic strategies keeping in mind their crypto goals. They have identified the potential of crypto-based assets and technologies for boosting their economic capacity in the world.
In fact, an Australian project has been able to combine the features of its agriculture-intensive economy with blockchain technology. It allows people to trace food to its farm of origin. However, while there are opportunities for governments based on decentralized technologies, the tech also presents several risks for its users. Moreover, it is for this reason, a clear framework for regulating, both blockchain as a technology and digital assets as financial instruments, needs to be formulated. In the case of New Zealand, Pascall, in fact, is very optimistic, given the country’s brand of “trust and integrity”; as “blockchains are all about trust.”