Genghis Khan, undergoing a mid-life crisis perhaps, became an imperial entrepreneur in his forties. Military conquest and enslaving the conquered was an economic strategy that kept Rome in business for a thousand years. Such kings were the entrepreneurs of ancient economies. And if your particular kingdom wasn’t awash with wealth, invading your neighbors was the natural path to greater riches.
There have been prosperous merchants since before the Silk Road, but in times past, if you wanted to be as rich as Croesus, you had to be a king, like Croesus. In prior history, a different economics prevailed - the economics of conquest. It grew out of the industrial revolution from seeds planted in the European mercantile economies that spawned it.
The “science” of Economics, with its fiscal mechanisms, trade balances and currency fluctuations, is a Johnny-come-lately thing. Nevertheless, it is worth remembering that the UN was established in the wake of a half century that boasted two world wars and established historical records for destruction. In the modern world, we cling to a belief in the “civilized behavior” of countries brokered by the United Nations. It is threaded with accounts of vainglorious leaders whose conquests redrew the maps and disrupted the lives of millions. According to the program’s website, companies will also have to execute the liquidation plan and exit strategy, as agreed in the participation agreement.Įven considering this strong framework, Hawaii’s offer is still very appealing and more crypto startups should certainly apply in the near future.History is the study of dictatorship, organized violence, murder, and theft. To this end, companies that do not receive this authorization will be required to terminate all cryptocurrency transactions. They will also be required to provide information in relation to the number of complaints received and any regulatory enforcement orders.Īt the end of the 2-year period, an explicit authorization to continue trading activities will be issued. The 12 companies admitted to the program are Apex Crypto, Bitflyer USA, Blockfi, Cex.io, Cloud Nalu, Coinme, Erisx, Flexa, Gemini Exchange, Novi Financial, River Financial and Robinhood Crypto.Īs a result of DFI’s oversight, each company will be required to provide updates, particularly with respect to the number and value of transactions. However, the DFI will monitor all crypto transactions that take place through the Digital Currency Innovation Lab (DCIL). In addition, the DFI has issued a no-action message indicating that no action will be taken against the companies since they have been admitted to the DCIL program. They have fulfilled all the conditions of the program and have de facto been admitted. It will run from August 19, 2020, to December 31, 2022, so well over two years for even small companies to develop and gain a license.Īt last reports, 12 cryptocurrency companies have been accepted for the program from a list of 19 that have applied to join so far. It is a partnership between Hawaii’s Division of Financial Institutions (DFI) and the Hawaii Technology Development Corporation (HTDC).
This is a pilot program that allows digital currency issuers to do business without obtaining a state currency issuer’s license. Indeed, it is thanks to the Digital Currency Innovation Lab (DCIL) that these companies were able to obtain the authorization to operate in the archipelago. Several companies specializing in cryptocurrencies have announced that they now had legal permission to work in the state of Hawaii. If we add to these economic incentives the glowing touristic reputation of the island, Hawaii island could become a very attractive destination. These companies will be able to operate even without a money transmission license, and this over a period of 2 years thanks to the new Digital Currency Innovation Lab (DCIL) program. It has just granted 12 crypto companies permission to operate in its territory. Hawaii has decided to provide a favorable environment for companies specializing in Bitcoin and cryptocurrencies.
0 kommentar(er)
