The cryptocurrency community tends to focus on a handful of countries in their quest for adoption. The United States and European Union top the list, with nations like South Korea, China and Japan hot on their heels. However, some smaller countries are taking a serious look at their blockchain options – and some are choosing to integrate cryptocurrency into their traditional financial structures. In one such event, the Jamaican Stock Exchange recently announced that they were actively looking to add cryptocurrency to their offerings.
This may be bigger news than it initially appears. Every country that recognizes the cryptocurrency market is a step in the right direction. If enough countries decided to participate, it could have a pressuring effect on economy leading countries that are still resisting. Even without large countries entering the market, inclusion on local stock exchanges would give new avenues for cryptocurrency-to-fiat trading.
The Jamaican Stock Exchange
The Jamaican Stock Exchange or JSE opened in 1969 and serves the island of Jamaica as their principle exchange. The announcement of cryptocurrency trading may allow the relatively small exchange to attract a new influx of foreign investment – a boon for the exchange and Jamaica itself. The JSE have partnered with Canadian blockchain-solutions company Blockstation to provide the necessary infrastructure for the new trading system.
The JSE dictated some specific terms that will have to be added to the base Blockstation software – namely, greater regulatory support and security for those using the system. This will be critical moving forward, as the blockchain industry continues to work at clearing up their image. While the industry has cast-off the sordid darkweb imagery of the distant past, the recent flood of low-value ICOs damaged the technology’s reputation. Regulatory compliance will help alleviate this.
Global Acceptance of Cryptocurrency
News of cryptocurrency integration has slowed considerably during the current depression of prices across the board. Yet there are still several bright spots, including Jamaica. Malta is of particular importance – the small island chain is jockeying to become cryptocurrency’s official capital. In the wake of problems in their home countries, major exchanges like Binance are looking to move to the European nation for their more favorable view on blockchain technology.
Jamaica’s decision is another in a string of small, agile nations realizing that they have a golden opportunity. As larger economies balk at cryptocurrency’s touted advantages, these small countries can swoop in and reap the benefits of early adoption.
Article By: Adam Stone
