Currently, there is a complete paradigm shift happening in payments and payment processing. Blockchain and tokens have completely changed the way we think and talk about money. What started with talks about a cashless society, has gone into directions no one ever thought possible.
The change that blockchain technology has brought about in various industries is proof positive how much technology advances can change our lives in both small and big ways. The way that a large financial company such as JPMorgan Chase can make fresh moves with new technology into the world of financial transactions to Facebook who is creating its own blockchain, it's own token and plans to use it in its own apps. Old tech giants like IBM, who are have made announcements of making moves in payment processing, announcements that have sent shockwaves through the markets.
Sullivan & Worcester LLP, a law firm based in New York City, help a panel discussion with leading members of this new industry. The panel was called Token Exchanges: The Promise of Liquidity, Compliance, and Stability. Joel Telpner, who leads the panel and is a partner at the law firm that held it, stated that we are in a time where we are paying for early exuberance in the market. However, he did mention that it was not a bad thing when looking at the picture from another angle. He continued by explaining that while most new technologies will be unstable and have lots of growing pains in the beginning, once those early days are finished, business tends to become much more stable from thereon.
He says that we are now somewhere at the end of the beginning. The wild west of the cryptocurrency industry will be over and that success from here on it will be from people who have fundamental principles in business and with good governance that can carry on a stable form of business.
Telpner also added that while many people around the world have been chasing the best jurisdiction for their businesses, this is the wrong way to look at things. This was wrong in 2017, 2018 and it is even more wrong to look at it in 2019. All countries are now working hard to regulate digital currencies so that looking for perfect jurisdiction is a waste of time according to Telpner.
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