Web3 – An Open Letter To Politicians

 
A couple of months ago, the president of Argentina, Javier Milei, made the mistake of supporting a MemeCoin token (coins with no utility and only used for speculation) on his X account. Unfortunately, even he was deceived, and many other people were scammed. This led to criticism from several politicians, especially those in the region, whether or not they were aligned with Milei. This included presidential candidates leading in the polls. One of these former candidates posted a video of Warren Buffett criticising cryptocurrencies, saying that crypto was easy money and that she didn’t believe in easy money. Unless you’ve been living under a rock, we all know what they mean by easy money. 
 
Here is my open letter to those politicians and anyone sceptical of cryptocurrencies. At the end, you will learn about some of the benefits and how governments, politicians, institutions, companies, and individuals can take advantage of this technology and Web3 in general, but I will focus only on blockchain and cryptocurrencies. 
 
With all due respect to Warren Buffett, he is a great investor who has triumphed with his investments and is an admirable role model. He has his famous saying that you should invest when nobody wants to buy and sell when everyone wants to buy. But he’s old school. When asked about Bitcoin a few years ago, he said: “If someone offered to sell him 1% of the farmland or apartments in the USA for US$25 billion, he would sign the check because he could rent them out and make money. But if someone offered to sell him all the Bitcoins in the world for only US$25, he wouldn’t buy them, because what could he do with them? Who would he sell them to?” That’s the extent of Warren Buffett’s ignorance regarding cryptocurrencies. 
 
In a speech in 2015, I was listening to Bill Gates, and he was asked about cryptocurrencies. He replied that he strongly believed in Blockchain technology because it could benefit banks and that they should adopt it, but that he didn’t believe in cryptocurrencies. Today, in 2026, I don’t know if he still thinks the same way, but as far as I know, he doesn’t support any cryptocurrencies. 
 
In a blog post about Bitcoin, I wrote that large investment and capital management firms like BlackRock are investing in Bitcoin ETFs for their clients. I also mentioned how the CEO of JP Morgan changed his mind about Bitcoin, and that Bitcoin is an accepted form of payment in El Salvador. Additionally, I discussed Trump’s support for Bitcoin and other cryptocurrencies to be included in the US reserves. 
 
Politicians, presidential candidates, and congresses around the world should reflect on this, criticize less, and take advantage of this technology, which can offer them the great benefit of better governance at the local, regional, and national levels. Politicians and governments can demonstrate transparency in their resources, reduce crime by decreasing all types of fraud and tax evasion, protect data, and much more. Here are some facts. 
 
Many politicians, if not most, and ordinary people believe that both Bitcoin and altcoins are scams used only by criminals because everything is hidden; nothing could be further from the truth. 

In the world of centralized finance, all information is stored in the cloud or centralized data centers by banks and financial institutions, giving control to a few and making it much easier for criminals to launder illicit assets, more so than in the decentralized world of blockchain and cryptocurrencies.

In a traditional bank, no one sees any transaction you make; no one knows how much you moved, even if they know your bank account number. They also don’t know which account the money went to; only a bank operator or someone in the data centre with access to your data knows.

In the decentralized world, it’s easy to trace payments back to their original source because blockchains are transparent. All cryptocurrency transfers between accounts are public; everyone knows how much is in the sending account and how much is in the receiving account. All transactions are visible and open to everyone. If someone knows who owns those accounts, everyone knows how much they have. This is something that criminals and money launderers don’t like, so money laundering is much less common. Okay, you might say that there are private blockchains like Monero or Zcash, which allow for private transactions without a trace. That’s true, which is why they’re prohibited in many countries. 

In most countries around the world, owning or trading cryptocurrencies is not a crime. Currently, cryptocurrencies are unregulated in the USA and Europe. Recently, on July 18, 2025, the USA passed the Genius Act, allowing stablecoins backed by US dollars to operate without problems. JP Morgan, which criticized cryptocurrencies in the past, is now showing interest, as are many other institutions. Even companies like PayPal already have their own stablecoins. Furthermore, the US government is in the process of regulating altcoins that meet certain requirements. 

The UK is also in the process of regulating cryptocurrencies, and the European Union is set to implement the MICA digital law, which regulates all cryptocurrencies and stablecoins. Those who do not comply with this law will not be able to operate in those 27 countries. 

Although crypto regulations are not yet fully approved, regulations governing the operation of banks and cryptocurrency exchanges have been in place for a couple of years.  

In Europe, neobanks like Monzo and Revolut allow their users to buy and sell some cryptocurrencies and stablecoins. HSBC, Europe’s largest bank, despite being one of the least crypto-friendly, allows its users to buy up to £10,000 worth of crypto per month. 

In Latin America, NUbank, with a presence in Colombia, Mexico, and soon in the USA, and primarily in Brazil, is the world’s largest neobank by number of users. It also offers cryptocurrencies to its users in Brazil. 

In the USA, the centralized cryptocurrency exchange Coinbase is legally listed on the New York Stock Exchange. 

Binance, the world’s largest centralized cryptocurrency exchange, has its own blockchain, BNB, with its own cryptocurrency, BNB. Several crypto exchanges have their own tokens, many of them prestigious, which can operate in various countries, complying with financial laws and regulations. 

Not all blockchains are created for the same purposes; each has its own specific characteristics. 

Now that we have some general information, let’s look at some of the major benefits of blockchains and their cryptocurrencies, and why all politicians and governments should use these technologies instead of attacking them. 

-DAO: (Decentralized Autonomous Organization) According to a study, by the end of this decade, governments and politicians will already be using this governance system. Citizens will be able to help their leaders make better decisions about which projects to undertake, which not to, etc. 

-RWA: Tokenized real-world companies. 

-DEPIN: Decentralized enterprises that use blockchain and crypto for the benefit of humanity, such as mobile phones in remote locations, data storage like Filecoin, or even satellite internet like Spacecoin, which provides connectivity to remote areas at a price between $1 and $2 per month—much cheaper than Starlink, which costs over $100 per month. 

People will be paid in tokens or cryptocurrencies, and privacy must be maintained. 

Currently, blockchains are either utility or private, but this privacy does not comply with regulations. With Midnight, the fourth generation, you can use both. If you want to send a medical report, you can use Midnight’s privacy features with its Dust resource, which complies with regulations. But if you buy a bottle of water, you can leave the transaction public. With Cardano’s Midnight, you don’t need to show photos, documents, or passports to prove who you are or how old you are. Privacy is important both offline and online; nobody needs to know what you do on Web 2 and Web 3. With the Zero-Knowledge Proofs (ZKPs) system, you not only gain privacy but also security in protecting your data, and you comply with regulations like the European Union’s MICA. 

So, I say to all the politicians and people who think cryptocurrencies are a scam: educate yourselves first and think twice before criticizing. And if you’re thinking of investing, do your homework beforehand. We don’t recommend anything. 

And finally, I’d like to say that all these companies that want to bring progress and decentralization using blockchain need a cryptocurrency to function properly. In the future, stock exchanges will be able to operate 24/7, and their shares will be tokenized. 

NOTE: No AI was used; everything is written based on my experience and what I’ve learned. 

 h.g.menco