As the crypto industry continues to become mature every passing year, the CCI will now work on getting all participants together on a common platform through education and guidance.
On Tuesday, April 6, crypto industry weights including Square, Coinbase, and Fidelity joined hands establishing a new cryptocurrency trade group. Dubbed as the Crypto Council for Innovation (CCI), the alliance seeks to work closely with governments and institutions in the forming of crypto-based public policies. Thus, it could play a major role in forming cryptocurrency regulations.
The Wall Street Journal was the first to report the news on Tuesday. CCI also aims to spread the word about the economic benefits of using digital currencies. Besides, it will also help in taking up new research projects in the industry. The council launch comes just a time when crypto market valuations soared past $2 trillion for the first time.
The CCI project convened by Paradigm aims to drive consensus on crypto-related policy priorities. It aims to bring crypto leaders together and educate the public, governments, and policymakers on the use of crypto. Advocates argue that digital currencies and blockchain have the potential to create multiple jobs. Speaking to WSJ, Paradigm co-founder Fred Ehrsam said:
“Crypto is at a mainstream inflection point. It’s in its very early stages and, much like the internet (once was), it’s very fragile while it’s in that stage. It’s challenging because policy makers want to balance risk and reward, and even people who spend time in this space would struggle to predict where this will go in the coming decade. It was very hard to say where the internet was going to go.”
The Crypto Council for Innovation (CCI) to Support Evolution of the Industry
The crypto industry has made significant process over the last decade since the inception of Bitcoin. Much recently, it has also received a solid push from global financial institutions. With the growing participation of huge institutional players and corporates, regulatory bodies have also started taking the industry seriously.
However, all the participants within the crypto space are still scattered. The goal of the CCI is to bring all the stakeholders on a common platform. Gus Coldebella, chief policy officer at Paradigm and one of the organizers of CCI said:
“We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security — and that promise transcends borders. That is why we will help policymakers, regulators, and individuals anywhere in the world to understand the benefits of crypto. This work will require sharing insights and analysis about crypto, while correcting the misperceptions that inevitably accompany a transformative new technology. By educating leaders about crypto, we can help empower them to participate in the crypto ecosystem for the benefit of their citizens, communities, and families.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.