Categories: CryptoNews

International Blockchain Trade Associations Launch The Global Blockchain Forum

The Chamber of Digital Commerce, along with several other international digital currency/blockchain associations, has announced a new initiative called the Global Blockchain Forum (GBF).

The mission statement reads:

“Our mission is to develop industry best practices and help shape global regulatory interoperability.”

The founding members include New York-based Chamber of Digital Commerce, United Kingdom Digital Currency Association, Australian Digital Currency Commerce Association and the Singapore-based Association of Crypto-Currency Enterprises and Start-ups.

International regulations around digital currencies and blockchain-based commercial activities are so convoluted and varied – with various regulatory bodies and agencies claiming jurisdiction and interpreting existing laws in an innumerable amount of ways – that the industry has decided to aid governments and regulators through the formation of the GBF.

In a recent Forbes article, Founder and President of the Chamber of Digital Commerce Perianne Boring, explained that lawmakers around the world need a helping hand in tackling the complex issues surround the new technology, “We’re bringing together the leading trade associations representing the digital assets/blockchain industry around the world. As we engage with these various governments, it’s important that the associations and stakeholders working with these public policymakers have some type of coordination to their efforts.” said Boring.

Boring also mentioned that the current global and domestic patchwork of regulatory policies is a nightmare for blockchain startups and existing fintech companies, “This is a huge impediment to innovation, investment, and to the growth of the industry in general.” she said.

Related Post

A good example of this issue is the withdrawal from Texas by New York-based digital currency exchange itBit, which announced four days ago that it will stop providing services to Texas residents.

According to Boring, the blockchain space is about to see tremendous growth over the next few years, and appropriate regulations need to be put in place so that innovation isn’t stifled:

“Because as we see the blockchain grow and you see different times of innovation and cases and uses come forward, the regulation needs to be flexible enough to allow for that innovation.”

 

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

 

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Recent Posts

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

17 mins ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

26 mins ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

30 mins ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

36 mins ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

43 mins ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

4 hours ago