Cryptocurrency, as we know it, is a method of payment that can be exchanged online for goods and services. It is a digital currency that is decentralized and its sole purpose is to correct the traditional currencies by putting power and responsibility in the currency holders’ hands.
Many people believe that cryptocurrency is bad for governments and countries, when in fact it is not. Whether we like it or not, cryptocurrency is on its way to becoming commonplace, and there is nothing we can do about it.
Cryptocurrency seems to bode well for people’s future standard of living. Not to mention, the first individuals to adopt this innovative idea became billionaires in just a matter of time–as per the latest issue of Forbes. It is such an impressive outcome. Therefore, people believe that early adopters will become the new financial leaders of tomorrow.
The key to the cryptocurrency industry is apt understanding and smart governance. Crypto exchanges are the heart of the industry. Regulated exchanges need to have remarkable effects on the local economy to have the support to operate in a country.
The developers and early adopters of crypto businesses are intellectuals. They want the business to be globally recognized that they implemented clear and favorable regulations for the governments, listed on exchanges, and competitive personal tax policies to accept ICOs (Initial Coin Offerings).
Creation of Local Job
Since the crypto business is soaring, the industry raised $5.7 billion from ICOs in 2017, gaining larger funds than VC (Venture Capital) investments. After only a year, crypto businesses raised funds of more than $2 billion, and the accelerated trend is remarkable. With that being said, businesses must soon get people to work for them to expand their businesses and create employment opportunities.
Taxation for Government Revenue
Cryptocurrency ventures are cost-effective. The profit from the crypto industry causes outstanding tax revenue for the government. The business is highly profitable as it often makes hundreds of millions of USD each year.
Growth of Industry
There are numerous obvious implications and long-term benefits of cryptocurrency. A crypto-friendly and crypto-advanced culture emerge when more crypto businesses are build in the local area. If the desired culture helps develop the local economy. Even so, it is one way where the world recognizes a local economy.
Advantages of Binance
Binance, as one of the world’s top cryptocurrency exchanges, profited an amount of $7,500,500 in the first 3 months. The profit increased to $200,000,000 in the 2nd quarter. The amount is growing and seems to be inevitable. Once a country shows interest in opening a branch in one of its locations, it will benefit the tax income revenue.
This year, Binance is planning to hire over 2,000 employees and more soon. Binance also has incubation and charity funds. In this way, the industry will be of great help to its economy, welfare, and the local job market’s growth.
Smaller countries with a rising financial market will benefit most from adopting blockchain technologies. Given the smaller size, it is easier to manage and it is less difficult to disrupt. However, when in large countries, they are much easier to disrupt. Countries with established financial markets blockchain technologies embraces this concept instantaneously.
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