Speaking to CoinTelegraph, about what “crypto-friendly” meant in practice, he argued that each country is free to define regulation as it sees fit.
With Ripple facing regulatory pressure in the US, but also potentially serving as the basis of central bank digital currencies in the future, it seems Hemachandra has a point.
Continuing on the issue, Hemachandra explained that China is considered one of the less crypto-friendly regions. The country is looking to create its own digital money supply, but it's not going to allow independent currencies to circulate, replacing it instead with a digital yuan.
“In some places, especially those where fiat currencies are unstable or highly inflationary, regulations may be against crypto, but there is widespread use of client-side crypto solutions”, Hemachandra said.
He continued by noting that while the most crypto-friendly places may seem like a catch, ultimately the entire concept of “crypto-friendliness” is a little misleading, as currencies should all strive towards global usage, unperturbed by any regulation.
Yet, arriving at uniform regulation will not be easy. The US, for example, has 50 different states which are sovereign from one another. While a federal law may apply, each state will have to decide how to adapt and allow the use of cryptocurrencies.
As Hemachandra says, it's all subjective, when it comes to how user-friendly countries or even individual jurisdictions are. As CGN noted earlier this year, blockchain gaming deserves regulatory clarity, but so does the entire industry.
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