The tough run for blockchain and cryptocurrency revolution India
We have been seeing that a lot of Indians usually react very weird to the word cryptocurrency. They’re like “Just leave it! It looks shady. It is used by criminals. It’s better if we stay away from it.”
These are the same people who don’t want to stay away from saving taxes, fooling the governing authorities of their region. It is a typical Indian mentality that if
something is kept private then there must be some wrong intentions behind it. First of all, a person has worked so hard for a bright future, where this world prospers as a single unit with a global currency and a store of value which is not taking too much from mother nature.
Second, This guy tried to build something which is helpful even for those who are cast out from the system because of the unwanted rules and regulations established by the governments. Third, you won’t need any middlemen while performing any transaction anywhere in the world which is, I think, a great advantage over fiat money we’re using today.
Big guns like Deutsche Bank, Swedbank, Western Union, Visa, MasterCard, Tesla, Microsoft, Facebook, Apple, IBM, Alibaba, DHL, and many more are not fools to be involved in blockchain and cryptocurrencies. They know that it is the future. The next layer in the infrastructure of the internet. Experts in this field have termed it as ‘Internet Of Money’ to it. There’s no need to tell what ‘Internet Of Things’ did to the world. If we start looking into what these multinationals have planned with this technology, then it would take several pages to explain their road maps with precise detail.
Still, people are like, “No! There’s way too much risk of funds getting hacked, plus it is being used too much in black markets.” For your information, the biggest black market operations are run through cash money. There are several heists of fiat every day in some or the other parts of the world.
The U.S.A started regulating cryptocurrency 2 years ago while India was thinking of ways to put ban its operations. Since India failed to find any law that could prove Bitcoin as an illegal tender, RBI instructed all the banks to cease all of its operations related to the use and trading of cryptocurrencies so that they have enough time to understand the possible ways to establish their own concept of digital currency.
One of the banks from Poland paid $30,000 to a group to speak up against Bitcoin and cryptocurrencies on video streaming platforms and social media. Institutions who were afraid of losing the Monopoly had to use such tricks as there was no law in any constitution against Bitcoin.
Some governments are putting the blame on it’s privacy that they won’t be able to backtrack in case any crime is committed. But it’s not like that. There’s a recent case in which the stolen Bitcoin was tracked to a Russian hacker group. The Bitcoins were recovered, so the tracking issue is not a problem anymore. The governments and authorities are out of reasons that they could give to kill its market now and slowly and gradually many countries are regulating blockchain and cryptocurrencies.
Most recently, South Korea announced its regulation. Hong Kong is offering a Visa to professionals who know very well the workings of cryptocurrencies and artificial intelligence. Whole new smart cities based on a cryptocurrency called IOTA are being planned now. Last year, a regulated exchange, Bakkt opened up for institutions that will deliver Bitcoin contracts on paper. And above all, it is backed by ICE. That alone is a huge thing.
ICE operates 12 different regulated exchanges and marketplaces in traditional markets. Over 10,000 stores in Barcelona alone, are using crypto transactions along with fiat as well. Ripple is working with several banks for foreign transfers. Remember, the porn industry is always the first one to get involved with future technologies as it did with virtual reality.
Well, it is using crypto too. The future lies in decentralized applications which will be obviously built on blockchain cryptocurrencies. So if you’re ignoring this fact, then you’re making the same mistake that you have been committing since centuries which made you a 3rd world nation today. My advice is, don’t do it this time and get on the train before it’s too late!