Justin Sun of Tron Comments on Global Crypto Adoption

by Jurica Dujmovic
By Jurica Dujmovic

Since Bitcoin (BTC, Tech/Adoption Grade "A-") was launched in 2009, cryptos have risen from relative obscurity into what has now become a global phenomenon.

As a result of this worldwide adoption, we have seen a growing number of businesses adopt crypto payments as a means of transacting with their clients.

In fact, a recent report by Deloitte quotes 75% of 2,000 of interviewed senior executives in various branches of the retail industry as ready to adopt cryptos and start accepting them as means of payment.

With all trade being global at this point, it is only normal to assume that this trend will affect cross-border transactions.

This could usher in different challenges and opportunities for businesses that adopt crypto.

To shed some light on this important topic, I had the pleasure of speaking to Justin Sun, a well-known figure in the crypto world who is an entrepreneur and founder of the Tron (TRX, Tech/Adoption Grade "C") DAO. 

Jurica Dujmovic: Mr. Sun, what are the potential benefits of using decentralized blockchain networks in international commerce?

Justin Sun: Decentralized blockchain networks empower individuals and businesses to transact with one another directly, which could be transformative in countries with unstable currencies and restrictive policies.

With the blockchain, we can bypass the need for central financial and governmental institutions, which can reduce transaction costs and increase financial inclusion.

Jurica: While benefits are clearly there, I am sure you agree that crypto's volatility and regulatory uncertainty could pose challenges for its adoption in international commerce. What is your take on this?

Justin: While crypto's volatility is a valid concern, certain cryptocurrencies — such as stablecoins — can provide a more stable means of exchange. In addition, grassroots adoption has hit a tipping point, with more than 20% of Americans holding crypto, according to Coinbase Global (COIN).

Jurica: That is interesting. What about regulation? Do you think there needs to be more clarity on how crypto will be regulated in international commerce?

Justin: Absolutely. The ISO 20022 Adoption Programme launching in March 2023 is a step in the right direction. By November 2025, every country must use encrypted, digital currency for international trade, which will open the door for more inclusion and efficiency.

With Visa (V) and Mastercard (MA) enabling crypto commerce globally, rapid adoption among businesses will follow.

Jurica: Thank you for sharing your insights, Mr. Sun.

There you have it.

Although Justin mentions new regulations making digital currencies ubiquitous come 2025, there is still a significant lack of widespread acceptance of cryptos as a payment method. That is mainly due to three factors.

First,while there are many businesses that are now accepting crypto, there are still many more that do not.

This is a significant obstacle for crypto-only businesses, as it makes it particularly hard for them to create strategic partnerships. It is also difficult for them to grow their list of clients among the majority that still shy away from crypto.

Second is the complexity of the technology itself. Cryptocurrency and blockchain are still relatively new technologies, and many businesses may not have the expertise to fully understand how they work. This can lead to issues with security and compliance.

Finally, the third factor is the issue of regulatory uncertainty. While there have been some positive developments in terms of regulation, there is still a lack of clarity in many countries about how cryptocurrency will be regulated in international commerce.

To solve these structural and systemic problems, businesses should invest in technology and expertise to ensure that their transactions remain secure and compliant. This may involve hiring experts in crypto and blockchain or partnering with companies that specialize in these areas.

Finally, it is important to stay up to date with the latest developments in crypto and blockchain technology, as well as regulatory developments in relevant jurisdictions.

This can help them to stay ahead of the curve and ensure that their business is well-positioned to take advantage of new opportunities in this rapidly evolving space.

Best,

Jurica

About the Contributor

Jurica Dujmović has been a creator, collector and investor in digital art, including the rapidly evolving non-fungible tokens (NFT) space since its inception nearly a decade ago. He’s also passionate about digital currencies and writes about crypto trends, including what’s new in the Weiss Crypto Ratings, in Weiss Crypto Daily. 

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