Blockchain and Cryptocurrency: Why Security is the Primary Focus
Blockchain is one of the most fascinating innovations of our generation, revolutionizing numerous products and services within financial services and beyond. Cryptocurrencies, perhaps the most recognizable application of distributed ledger technology, have thorough and sophisticated technological underpinnings, innovative applications and untapped potential and utility – all making them incredibly viable and valuable as both technology and business endeavours.
With this in mind, all players in the digital assets space have a fundamental responsibility and part to play to prove that a few bad actors are not emblematic of the industry. Winning back policymakers, regulators, and the community’s trust will require focusing on risk management, security, and transparency at all fronts.
This is of utmost importance for people engaged in the digital asset space since the protection of the community will ensure the continuity and sustainability of the space.
Cryptocurrency and Economic Recovery
In recent times, there have been discussions regarding the possibility of cryptocurrency alleviating some of the burdens imposed on Sri Lanka due to the economic crisis. Binance believes that it is indeed possible to work with public policymakers in Sri Lanka.
This is not a trend unique to Sri Lanka. Many countries which have been significantly affected by the COVID-19 pandemic and the resulting economic downturn have exhibited similar trends.
Binance’s commitment to Security and Stability
As one of the largest custodians of assets in the crypto space, security is at the top of Binance’s priority list. In order to enable this, Binance hires the best people (many of whom are former law enforcement officials) and employs the best technology.
In Binance’s newly released policy paper titled “Building Trust in the Crypto Ecosystem”, the exchange introduces new guidelines on how industry players and users can work together in improving trust, security and safety when it comes to using cryptocurrency.
The proposed guidelines highlight safe and secure handling of user assets, transparency, and risk management at its core. Binance hopes to raise the bar on trust and safety, not only for the exchange but for the industry as a whole. This is on top of the ongoing collaborations with regulators, policymakers, law enforcement and government sectors across the globe.
To read more about Binance’s new Policy Paper, you can visit https://www.binance.com/en/land/trust_and_transparency
