With the popularity and increasing users in the crypto and blockchain world, politicians are now using it as an election agenda to win over people.
The recent political activities around the world show that politicians are now using crypto manifesto to win elections, and it has proven to be quite effective in various countries.
In South Korea, both Presidential competing candidates included the crypto policy in their manifestos. This is quite new to see the politicians’ sudden involvement to develop crypto through change or modification in policies.
With the victory of Yoon Suk-yeol of the Conservative People Power Party, the administration is already making changes to the country’s policies regarding cryptocurrency. The President has ruled out changes in crypto regulations by issuing Security Token Offerings (STOs).
Although politicians usually use any opportunity to win over people, the crypto involvement in politics is considered quite surprising.
Similarly in Australia, Jane Hume, the minister for financial services, spoke in favor of initiating crypto growth by updating policies. In a speech, Jane explained how crypto growth in the Australian market could increase job opportunities for individuals and improve the economy of the country even more.
The reason is the upcoming Australian election, which has made the political parties more desperate to remain relevant to the market.
The UK’s conservative government also announced its plan to initiate new developments in the crypto market and become a hub for digital asset startups and companies.
Experts believe that the recent events and involvement of the crypto market in the Ukraine-Russia war have grabbed people’s attention. More and more users are considering digital assets; therefore, the politicians are also keeping up to convince these users about their crypto policies.
Crypto Community Response to Political Agendas
With the politicians using crypto as a tool, the crypto community is divided in views as to whether it is a good thing or not.
In a recent CNBC interview, CEO of Ark Invest, Cathie Wood said, “…we’re getting politicians and policymakers coming up to us, who want to run for office, and they say: ‘can you help us pull together a group of crypto minded people. I want to learn how I can make their lives easier.’ It’s pretty astonishing.”
The co-founder of Ethereum, Vitalik Buterin shows concern about how crypto will be affected in the U.S due to politics. In an interview with Time, he expresses his concern by saying, “There are definitely signs that are making it seem like crypto is on the verge of becoming a right-leaning thing. If it does happen, we’ll sacrifice a lot of the potential it has to offer.”
Future of Crypto and Politics
The desperation and sudden surge in crypto’s popularity among politicians is apparent due to the increasing users and value of cryptocurrencies in the market. According to the reports, the industry recorded 300M users in the crypto market, which are expected to rise by 1B by the end of 2022.
The more users adopt the digital world in their lives, the more need for safe and regulation policies arise. Although these political agendas are only extended in a few countries, there is no doubt that crypto will slowly become a strong political pre-manifesto to win elections.
As an expert investor, Warren states, “I can say this with certainty: more and more candidates whether incumbent or challengers are paying attention to crypto.”
Only the future will show how politics grab the leashes of the crypto world to ride in the elections and take the win.
