In an interview with MarketWatch published on Feb. 12.retail giant Overstock.com founder and CEO of Patrick Byrne recently mentioned that blockchain can make management a superefficient and incapable of being bribed.
Byrne allegedly stated that government services have reached a rotating point for an important change of their blockchain technology and new structure, in his opinion, will be the best solution.
Byrne planned that creating government-as-a-service, a set of applications and corporations that, between them, can get blockchain to various services that government’s offer that would finally create government superefficient, cheap and unqualified of being bribed. He stated:
“We could step into Venezuela with six laptops and create not only a functioning society but arguably one with the most advanced government systems in the world. We could bring them a central bank on the laptop. Everyone in Venezuela downloads a free app, and suddenly you have the most advanced monetary system on the planet.”
Recently, Venezuela’s new crypto bill, which establishes а legal framework for the industry, officially came into force. The legislation also introduced the concept of a sovereign crypto asset — any currency issued in Venezuela and authorized by the government — and established obligatory licenses for mining entities and crypto exchanges, and introduces fines for unlicensed activities.
Overstock.com had even stated that it would make a payment part of its corporate taxes in the state of Ohio using Bitcoin (BTC) through OhioCrypto.com the recently launched cryptocurrency taxpayer platform. Byrne mentioned that the government acceptance of cryptocurrencies and other developing technologies, supplemented by approachable legislation, is the correct method to safeguard the U.S. does not mislay its place at the vanguard of the ever-advancing worldwide economy.
Byrne allegedly opens up by saying that he supposes to accomplish a contract with many sovereign nations in the near future to start fundamentally repairing their government facilities.
Harvard University Professor of Economics and Public Policy Kenneth Rogoff in December 2018 mentioned that governments international might in due time legalize and applicable the inventions of cryptocurrencies, The bill empowers the Sunacrip — a national crypto watchdog established in 2018 — to inspect the entirety crypto-related commercial activities in the country. According to Article 11, the body should monitor digital miners, exchanges and any other financial services that might serve as intermediaries in the Venezuelan crypto market.
Moreover, the same article states that Sunacrip will be able to control “creation, emission, transfer, commercialization and exchange” of all crypto actives within Venezuela.as a coordinated worldwide guideline will finally see to imprint surreptitiously created systems. He stated that,
“The right way to think about cryptocurrency coins is as lottery tickets that pay off in a dystopian future where they are used in rogue and failed states, or perhaps in countries where citizens have already lost all semblance of privacy. It is no coincidence that dysfunctional Venezuela is the first issuer of a state-backed cryptocurrency (the “petro”).”