The Multi-stakeholder Solution to the Challenges of Cryptocurrency
Cryptocurrencies are products of the digital revolution and the networked age. As distributed networks with no central issuer and no central command, they are also a distinctly global phenomenon that will force national governments to not only re-evaluate a number of substantive regulatory issues but perhaps also re-think the very nature of governance itself. Cryptocurrencies are wresting control over many issues from traditional decision-makers.
Multi-stakeholder governance, founded on principles of transparency and inclusiveness and legitimized by consensus, is the 21st century solution. When leaders of the old paradigm adapt and collaborate more closely with private enterprise, civil society organizations and other stakeholders in the network, then Bitcoin and other cryptocurrency technologies can fulfill their potential and gain widespread adoption.