A transparent financial system is important for fighting corruption, the crypto industry can help create one.

Last October I wrote about my vision for the future of the crypto industry for The Independent. Since then, events have developed rapidly. In April, the capitalisation of all cryptocurrencies hit an all-time peak of $2 trillion (for comparison, total funds in gold number $8 trillion).

The entire financial market is going crazy watching the price of bitcoin on a roller coaster, pushed up and down by tweets from Elon Musk. The founder of Tesla and Space X recently wrote: “The true battle is between fiat [government-issued currency] & crypto. On balance, I support the latter”. I do not agree about the word “battle” - peaceful coexistence is not only possible, but inevitable. The crypto sector can no longer be banned; we need to think about how to use it for the common good. Especially since cryptocurrency (in different forms) is only one of the elements – one with great potential – for use by government institutions .