Many of us are wondering why Liechenstein was the first country to create official laws and regulations for blockchain tokens.
If Liechenstein wasn’t bold enough, they decided that a cryptocurrency token would be defined as a “container” that stores either a security, IP, or any value that the cryptocurrency token holds. The point is: Liechenstein, one of the richest and smallest countries in the world, is prepared for the new Token Economy Frontier. Maybe we should listen.
Cryptocurrencies are Containers. They are essentially digital forms of property.
A cryptocurrency does not stand on its own without the value which it holds. It does not matter what kind of cryptocurrency we’re talking about; whether it is a token that holds value to the US dollar; or it is a token that holds the Intellectual Property rights to Stan Lee’s Superheroes; tokens hold value like a container or even a vault. It makes sense Liechenstein is calling the token economy a “container” economy, because each ledger that holds value is manufacturing value to others, the same way we would carry a box of our belongings to a new home.
If the cryptocurrency community decides to move past the idea that “crypto” is all the matters, and instead understand that crypto NEEDS value to be of worth, maybe other countries will begin to see the benefits of conceptualizing crypto as a container.
I’m not a lawyer, I’m just a law student (and a musician) who truly believes that Blockchain has the power to facilitate and distribute value in a way that can revolutionize our daily lives. But to put it in the simplest terms, cryptocurrency and blockchain must change its image. The same way every great technology needed to revamp its brand to reach a broad audience, blockchain and cryptocurrency need to do the same. The idea of calling crypto a container might not be a bad place to start.