With the advent of blockchain technology, more and more cities are beginning to implement this technology and consider cryptocurrencies as a way to raise funds for their own operation. According to the analysts of the ICOBox Blockchain Research Center (IBRC), this trend is going to be maintained and will probably be extended. Cities like Zug, in Switzerland, or countries like Malta, could continue to proliferate.
According to the specialists, there are four projects of this nature that stand out and that could have a profound effect on every industry of cryptocurrencies : the cryptovalle of Zug ; the island of Malta ; singer Akon's project in Senegal and the Decenturion platform.
The small Swiss city of Zug started to become an important center for the development of blockchain technology and cryptocurrencies as of 2013. In addition, in 2017 the creation of the Crypto Valley Association was created, a non-profit organization that unites entrepreneurs, sponsors, educational institutions and executive authorities to promote the technological vanguard in research and innovations.
Thomson Reuters, PwC, Luxoft, Bitcoin Suisse, Bussmann Advisory, are some companies present in the Crypto Valley. In addition, more than 500 startups, service providers and other companies involved in blockchain work in the city. In addition, several city banks allow free exchange of cryptocurrencies by fiduciary currencies. According to the co-founder of ICOBox, Switzerland has been one of the most financial capitals in the world, and blockchain technology has penetrated intensely in this context.
For its part, Malta , the small European nation, is doing everything possible to stay ahead in this technological growth. Recently, the parliament of that country decided to approve new laws that establish a legal and regulatory framework for blockchain technology.
Thus, startups that choose this country as their base of operations will have the necessary legal tools to work in a transparent regulatory environment . Local authorities do not hide the fact that they would like to transform the country into a kind of Blockchain Island.
The plan has had a certain draft. Some major exchange houses in the cryptocurrency market such as OKex, Binance and BitBay have already opened offices there, and the American Tron Foundation has also announced its desire to move to the island. Malta little by little becomes a "cryptocurrency".
In addition, along with these countries, State projects have also been born, with its own economic system and governance system based on blockchain technology. Such is the case with Decenturion . Born in mid-May, and driven by the founder of the Cryptonomics Capital Fund, Nick Evdokimov, it is a 'blockchain state' that has more than 120,000 potential residents.
"Decenturion has no physical limits, and its citizens are only united in cyberspace. When the projects join Decenturion, their tokens are distributed free of charge among the citizens of the virtual country proportionally to the level of their participation. Decenturion does not collect any tax from its citizens. Create a mutually beneficial association: the more new companies there are, and the more the number of citizens grows, the greater the chances that everyone will have to benefit, "said Evdokimov.
Finally, the Akon Crypto City project , which has not yet seen the light, had an important impact on public opinion at a global level, especially because of the artist's fame. This project will be developed in Senegal, where the singer spent an important part of his childhood. In this cryptographic city, all the necessary infrastructure will be created and everything will be 100% based on cryptocurrencies.
"I think that blockchain and cryptocurrencies could be the savior for Africa in many ways because it returns power to people and returns security to the monetary system and also allows people to use it so that they can advance on their own," said the singer. at the Cannes Lions International Creativity Festival in mid-June.
According to the IBRC expert, Dima Zaitsev, these are only the first steps towards the global recognition of the cryptographic industry. "The next step will be its legal regulation, because neither the supporters nor the governments are happy with the market in the so-called" gray "zone. I believe that this regulation will happen in the near future and will be as fair as possible for the cryptocurrency market, "he said.
