Southeast Asian countries could be ahead of the industrialized countries in the blockchain business.
That’s the consensus of the panelists in a conference Thursday at the Upbit Developers Conference 2019.
Doonamoo CEO Lee Sir-goo and other panelists, including foreign blockchain specialists, attended the conference.
Why do the Southeastern countries adopt a proactive policy toward blockchain and cryptocurrency? In these countries, money remittance takes place three times per day, and transfer fees are quite high. Southeast Asians invest in cryptocurrencies three times more than in stocks.
Alexander Hoptner, CEO of Germany’s second-largest stock exchange Boerse Stuttgart, said, “small countries and companies could use blockchain to overtake their Western counterparts.”
He said many Southeast Asian countries are adopting a proactive policy toward blockchain and cryptocurrencies.
He said cryptocurrencies could become part of the global financial market as countries are adopting regulations. Regulations are golden opportunities for the cryptocurrency market to take off, he predicted.
He said he could not see in what direction blockchain would evolve in the future. He noted too tight regulations would stifle blockchain and cryptocurrency business. He advised regulators to be flexible in regulating cryptocurrency and blockchain business so that these emerging market would grow through trials and errors.