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Overstock Founder: Blockchain Can Make Government ‘Incapable of Being Bribed’

The founder and CEO of retail massive Overstock.com Patrick Byrne says that blockchain could make authorities “superefficient and incapable of being bribed,” in an interview with MarketWatch printed on Feb. 12.

Byrne reportedly mentioned that authorities services and products have reached a turning level for a elementary trade in their construction, and blockchain era, in his opinion, would be the optimum answer.

Byrne proposed “development government-as-a-service, a suite of programs and corporations that, between them, can convey blockchain to other services and products that governments supply,” which can sooner or later “make authorities superefficient, reasonably priced and incapable of being bribed.” He mentioned:

“Shall we step into Venezuela with six laptops and create now not just a functioning society however arguably one with essentially the most complex authorities techniques on the earth. Shall we convey them a central financial institution at the computer. Everybody in Venezuela downloads a loose app, and all of sudden you will have essentially the most complex financial device in the world.”

Byrne reportedly published that he expects to conclude a freelance with multiple sovereign country within the close to long term to start out radically overhauling their authorities services and products.

In January, Overstock.com introduced it’s going to pay a part of its trade taxes within the state of Ohio the use of Bitcoin (BTC) by way of the just lately introduced cryptocurrency taxpayer platform, OhioCrypto.com. Byrne mentioned then that authorities adoption of cryptocurrencies and different rising applied sciences, accompanied via pleasant regulation, is “one of the simplest ways to make sure the U.S. does now not lose our position at the leading edge of the ever-advancing world economic system.”

Lately, Venezuela’s new crypto invoice, which establishes а felony framework for the trade, formally got here into drive. The regulation additionally presented the idea that of a sovereign crypto asset — any foreign money issued in Venezuela and licensed via the federal government — and established mandatory licenses for mining entities and crypto exchanges, and introduces fines for unlicensed actions.

In December, Harvard College Professor of Economics and Public Coverage Kenneth Rogoff mentioned that governments international might in due time “control and suitable” the inventions of latest asset categories like cryptocurrencies, as coorinatinated world legislation would sooner or later search to “stamp out privately built techniques:”

“The best way to consider cryptocurrency cash is as lottery tickets that repay in a dystopian long term the place they’re utilized in rogue and failed states, or in all probability in nations the place voters have already misplaced all semblance of privateness. It’s no accident that dysfunctional Venezuela is the primary issuer of a state-backed cryptocurrency (the “petro”).”

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