When the internet was in its infancy, it was difficult for lawmakers to understand and predict the incredible impact it would have on our daily lives. Blockchain technology, which seeks to radically change the way we manage transactions, is poised to become the next major disruptor. This shift will displace or bypass some of the intermediaries upon which governments have historically relied to implement regulatory safeguards against money laundering and black market activity such as drug dealing and human trafficking.
In this video, CIGI Senior Fellow Julie Maupin explains why the moment has come for an open dialogue between the tech sector and lawmakers.
“You can only go so far if you are not willing to engage with the lawmakers and the regulators,” Maupin says about finding ways to enhance the partnership between public and private sectors in order to address cross-border regulatory concerns from the onset.
Innovators need to sit down and talk to lawmakers and explain: “We want to do something good. But because of the way that our technology works, we can’t fit within your existing regulatory regime.”
If innovators don’t take this step, they are going to come across barriers that make it impossible for their vision to become reality.