5 Worldwide Government Officials Who Support Cryptocurrencies

Mistrust and friction have long characterized the cryptocurrencies-government relationship. While crypto purists swear by its holy grail of decentralization, the government insists on regulating the sector as it does many others. The result is constant bickering between both camps. Today the relationship is so unhealthy that some governments have instituted crackdowns on crypto activities within their jurisdiction.

Take China, for instance. Recently it has issued decrees that have left the whole crypto sector reeling from their effects. India is another country that has shown its displeasure with crypto assets. Even in the west, where liberal economies are the norm, cryptocurrencies continue facing lots of reservations.

Interestingly though, they’re gaining support from the unlikeliest of sources: officials within the government itself. To dive deeper into that, this article looks at worldwide government officials who support cryptocurrencies. Before getting to that, it’s good to understand why many governments are so wary about adopting crypto assets.

Interestingly though, they’re gaining support from the unlikeliest of sources: officials within the government itself. To dive deeper into that, this article looks at worldwide government officials who support cryptocurrencies. Before getting to that, it’s good to understand why many governments are so wary about adopting cryptocurrencies.

Why are Governments Against Cryptos?

Government opposition to privately issued cryptocurrencies boils down to these three reasons:
Associating Cryptos with Crime – Both public and private figures often link cryptocurrencies to crime and fraudulent activities. To them, digital assets are enablers of illegal activity owing to their decentralized nature. The narrative is so pervasive even in the face of research discounting it.

Fear for Sovereignty – Secondly, some express concern that crypto adoption will rob governments and nations of their sovereignty. Among the symbols that proclaim a state’s independence is its government-issued currency. Crypto opponents believe that adopting them in place of fiat currencies is giving up on that claim.

Cryptos’ Disruptive Nature- Finally, crypto skeptics point out their volatility as a reason for their opposition. They hold that cryptos are so unstable that they’re disruptive to the economy.

Now you know the major reasons for governments resisting cryptocurrencies. Let’s shift our focus to government officials supporting cryptocurrencies globally.

5 Prominent Government Figures Supporting Cryptocurrencies Globally

There’s an inexhaustible number of government officials rooting for crypto assets globally. Documenting all of them in one article is impossible. So here we’ll talk about a few that readily stand out.

1. Nayib Bukele

The Salvadoran president made headlines in June when he announced plans to adopt Bitcoin as its legal tender. He followed that announcement by rallying the country’s Senate to pass legislation making BTC legal tender. He later tweeted that El Salvador would use her recently discovered geothermal resources.

Mr. Bukele insisted that adopting BTC would spur El Salvador’s economy as it would attract investors. Again it would enhance financial inclusion for a majority of the Salvadoran population in the informal sector. Many of them lack access to financial institutions.

2. Nicolas Maduro

He has often made the news for all the wrong reasons. His regime has taken part in countless illegal activities. For instance, the latest one was an indictment by a US court for narco-terrorism. Like him or hate him, he is an avid crypto lover.

Faced with runaway inflation in 2017, he announced the adoption of the Petro, a crypto-backed by oil and minerals. His government would later introduce a new currency, the Bolívar Soberano (‘sovereign bolívar’), in 2018. Maduro’s government said the new currency would peg its value on the Petro coin.

The Digital Bolivar

In 2020, President Maduro made it mandatory for Venezuelans to pay for Petro’s government services and fuel airplanes. Recently Mr. Maduro declared that Venezuela would be launching new cryptocurrencies in October.
The digital Bolivar, the country’s Central Bank Digital Currency, will launch on 1st October 2021. It will replace the Petro that has failed to resonate with the people despite his efforts to popularize it. He also revealed plans to offer farmers crypto-based loans.

3. Timothy Wu

You know him better as one of President Biden’s advisors. Besides advising the presidency on technology antitrust matters, he’s managing his cryptocurrency investments too. A recent report by Politico indicates that he holds millions in both Bitcoin (BTC) and Filecoin (FIL).

The publication cites Mr. Wu’s financial disclosure. His filings indicate that he owns up to $5 million in BTC. Additionally, the record shows that he holds about $250K in FIL. Wu is a recent convert to BTC; before, he was one of its harshest critics.

4. Senator Ted Cruz

The dyed to the wool republican represents the Texas state in the US Senate. He’s an avowed campaigner for human liberties. It’s not a wonder that he’s a crypto champion owing to the promise of financial freedom they hold.

Senator Cruz has endorsed BTC publicly. In an interview with Fox News’s Sean Hannity, he held that BTC was an essential hedge against monetary inflation.

Defending Crypto

The Republican Senator also has vehemently opposed provisions in the infrastructure Bill that he deems punitive towards the crypto industry. He stated that the legislation contained dangerous and devastating provisions to cryptocurrencies and blockchain innovation in a tweet.

Furthermore, he held that the Senate passing the bill would cost the crypto industry billions of dollars. Moreover, it would lead to an exodus of investors from the American economy.

5. Albert Isola

Under his stewardship of Gibraltar’s Digital and Financial services ministry, the country has been incentivizing crypto adoption. His ministry has overseen the adoption of legislation encouraging investment in blockchain and crypto.

The creation of this enabling environment has seen Gibraltar emerge as the crypto hub of Europe. A PwC report ranks it first in Europe and third globally regarding the number of crypto funds.

Final Thoughts on Politicians Who Support Cryptocurrencies

Bitcoin live price
price change

Theirs is an uneasy relationship. While the crypto sector holds firmly to decentralization, governments assert that they need oversight. Governments’ suspicions about the intentions of the crypto sector haven’t helped matters much. To them, crypto assets are conduits for criminal activity, threaten economic stability and imperil state sovereignty. It’s against this backdrop that some have instituted crackdowns against crypto operations. However, not everyone in government accepts these notions. In them are figures who’ve chosen to place their faith in the promise that cryptos hold. They’re the flicker of hope for the future of crypto in institutions that hold a dim view of them.

Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurrencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. Learn More

Stay up to date with our latest articles

More posts

Can You Really Protect Your Crypto Investments Against Whales?

It is only natural that the price of BTC changes following whales' transactions. Because altcoins have smaller market capitalizations, this effect is even more pronounced on their prices. The ways whales manage to manipulate the market are inventive and can lead to heavy losses for small traders. In our guide, we look into the matter and reflect on how to protect a wallet against whales. Understanding the Concept of Whales The term "crypto whale" refers to a person or organization…

Diluted Market Cap – A Beginners’ Guide

The value of a cryptocurrency is difficult to predict, especially if we are dealing with a new token. If you're looking to invest in cryptocurrency, measures like the fully diluted market cap can guide your choices.  The term "fully diluted market cap” will represent the core of today’s guide. We'll begin by defining the sector's market capitalization before moving on to more advanced notions. Market Cap in the Crypto Industry The total worth of an asset now in circulation corresponds…

The Difference Between Capped and Uncapped ICOs

Some ICOs decide to set a cap on how many coins investors can buy. However, some people choose to offer unlimited coins at the sale. Different teams can follow different strategies to obtain success in this growing market. Today, our guide aims to make a clear distinction between capped and uncapped ICOs. Understanding the Concept of ICOs An ICO (“Initial Coin Offering”) is a way to launch a new cryptocurrency. ICOs are a way to raise money for a project…

3 Meme Coins Still Riding the Meme Wave and Ready to Explode

With Elon Musk on the verge of buying Twitter, his pet crypto, Dogecoin, could rise to new heights of popularity and demand. However, DOGE is not the only meme coin ready to burst on the scene in 2022. Others are waiting for a signal to show the meme wave is not only alive and well but rising too. Meme coins started out as a joke. In a market dominated by raging bulls and bears shifting crypto prices by the thousands…

What Is a Nonce in Cryptocurrencies?

As the world learns more and more about cryptocurrencies, many non-technical investors frequently discover new notions. Today, we will spend some time on the concept of “nonce,” a famous idea among IT experts. Our article simplifies the notion for non-technical readers, focusing on the importance of the nonce mechanism in cryptocurrencies. A Concept Born Before Cryptocurrencies A nonce is a random or semi-random number that cryptographers have known and used for decades. The term “nonce” stands for "number used once,"…

Learning the Difference Between Soft Cap and Hard Cap in Crypto

Before evaluating an ICO for a crypto project, all traders must consider many aspects. Today we will talk about two of the most noteworthy: hard and soft market capitalization. A hard cap is the maximum amount of money a company hopes to raise in an ICO. On the other hand, a soft cap is the least amount of funds creators need to launch their project. Our analysis will go beyond the mere definition and provide food for thought on the…

A Guide to Ethereum Virtual Machine

The Ethereum Virtual Machine (EVM) is a processing engine that functions as a decentralized computer. The EVM matters because it includes millions of executable applications based on the Ethereum system. It serves as the virtual computer that the Ethereum Foundation has put at the core of its ecosystem. The EVM is the portion of the network responsible for executing and deploying smart contracts. The Strategic Role of EVM The EVM's job is to integrate various additional features into the Blockchain…

What is Ethereum Whisper? A Guide for Beginners

The distributed ledger system supporting blockchain technology has recently caught Wall Street's interest. The potential for disruption in the financial industry and beyond is becoming more evident every day. Blockchain has high potential, from cross-border payments to settlements and clearing over-the-counter derivatives. As many know, one of the leading players in this industry is Ethereum. The goal of Ethereum is to establish a new protocol for building decentralized apps (or Dapps). These apps offer various features that are extremely useful…

The Best Metaverse Projects to Keep an Eye on in 2022

Metaverse is now becoming the talk of the town. Ever since Mark Zuckerberg's revelation about Facebook and other platform moving towards the metaverse, people are eyeing the fantastic opportunities that come with it. The new projects based on virtual reality and other technologies allow different experiences. As Facebook is embracing the metaverse, it will be launching new projects that combine the concepts of VR, cryptocurrencies, and other things. With 2021 being the year of NFTs and Defi, we will see…

Is Cryptocurrency Anonymous?

How blockchains and cryptocurrencies handle investor data is a topic of great interest in the market. The data-encryption layer of a blockchain is one of the mechanisms that attract traders the most. However, there is an essential difference between encrypting users' data and providing transaction anonymity. How can a system guaranteeing perfect traceability of transactions achieve excellent privacy protection? This article introduces and explores the topic of crypto anonymity with some practical, real-life examples. The original Bitcoin idea Before better…