Thanks Ali once again for the minutes.
Government will always seem to have a heavy hand when it comes to new innovation due to a number of factors ie:
1) Uncertainty
2) Contention over resources
3) Disruption and unforeseen eventualities
4) The public good
However i would imagine as a way forward we can suggest various lenses in which the government can approach Blockchain when it comes to regulation. There are two options as to which we can embark on:
1) Principle based
The regulatory body provides the market participants with principles that should serve to guide their activity while allowing them discretion to decide how they will meet their regulatory obligations.
2) Performance based
The regulatory body puts forward certain metrics that market participants are required or encouraged to meet.
I posit the second option is what would be ideal for such a nascent technology but willing to hear views from others.
Regards,
Eric Mwangi
Founder - Vault Global