Global Cryptocurrency legality over the last three years has increased beyond expectations with most controversial countries we least expected to hear crypto being legal there. Regardless of what you might hear about cryptocurrencies especially Bitcoin on the media, the growth and adoption are increasing steadily over the past decade with states, institutions, organizations taking part in this revolution. Cryptocurrencies and Blockchain technology have not only come to make people money but it has also revolutionized our current way of doing things and affecting our socio-economic life activities significantly as an emerging technology and an industry. Millennial over the years has always chosen decentralized cryptocurrencies like Bitcoin over our traditional fiat currencies. And its dominance will definitely disrupt the current financial system.
This week in crypto India and South Korea have legalized cryptocurrencies to be traded and this legalization extends to all other crypto-related businesses to comply with the government policies and its regulatory rules. With that two countries acknowledging crypto as a legal instrument makes up to over 130 countries out of 257 where crypto is legal and acknowledged by the government. Adoption is moving slow but steadily and sooner or later people, I believe will be forced to embrace this emerging technology.
The Supreme court of India has finally ruled out that cryptocurrency is now legal and that the RBI; The Reserve Bank of India, allows the trading of cryptocurrencies. Over the last two years, cryptocurrencies and its related business were banned in India by the RBI. A group of millennial stood up for the crypto community with the agenda that Indians needs crypto and regardless of crypto having bad publicity and being used in illegal activities there is so much good that can come from this new innovation. According to crypto kanoon on twitter, Mr. Ashim Sood represented the Indian crypto community in court and elaborated on the significant impact crypto can make on the people of India. With all the bad publicity, Mr. Ashim Sood explained to the Supreme Court that crypto is like a computer and the bad publicity represent a virus, usually, when a computer is infected with a virus, we don’t throw the computer away just because of that, rather there are so much more this computer can do. And the most important part of starting this is bringing up regulatory policies to clean up all the bad sides of crypto and making it better for India and the rest of the World.
Photo by Crypto Kanon on twitter, the Indian crypto representative after the ruling from the supreme court
And the fight between the crypto community and the Reserve Bank of India is over after two years and the crypto community won as the Supreme Court of India ruled out that the RBI ban on cryptocurrency is unconstitutional.
On the other hand, the Republic of South Korea on today 5th March, 2020, passed an amendment on the use of cryptocurrency into their legal system, and for now, it signifies the official entry of cryptocurrency trading and all other related business into the legal system of the South Korean government. And from today, cryptocurrency is fully legal in South Korea. We have some of the biggest crypto exchanges in the crypto space in South Korea including Upbit, Bithumb, Coinone and as the government legalizes crypto this will facilitate the use and trading as well as run conveniently for people in South Korea. The government expects full compliance with every crypto-related business to run under the government regulatory policies to avoid money laundry issues and also for the government to tax on crypto-related businesses.
Numerous concerns over the past years are that investors will continue to lose money on cryptocurrency because of its high volatility with or without regulation. On the other hand, the most important thing here is not its volatility, the most important thing here is having regulatory policies that will protect investors from getting scammed and with company’s running away with people’s money. Once there is a regulatory policy, it will feel more secured and safe without the fear of getting scammed, people will come out with real products and services to serve the community better. And lastly, once there are regulatory policies people will one day understand that paying attention to intricate details on cryptocurrency will always block your vision on the future, let me give you a scenario, other state fiat currencies rises and fall in value all the time, people are too busy to check these details on state currencies because it is not easily made available for them. The other side is that cryptocurrency is decentralized and for that these intricate details as to price depreciation and price appreciation are made available to everyone. So people tend to monitor too much of these details than looking at the bigger picture of what the future holds for the people or I mean the significance of the whole idea and the positive impact it will have on people.
Educating ourselves enough to understand the impact on volatility on every cryptocurrency and how it affects them all will bring a better understanding as to when to pay attention to some of these intricate details as in its rising and falling and finally people will not tell you, you will lose money anyway even with government regulatory policies. Government regulatory policies will help protect the crypto community somehow, and companies’ and services provided will have some policies to comply with. At the end of the day, once there is governance, a lot of scam cases that we see today will be no more. For money is a belief system, and tokenizing your company is a whole different thing as well as issuing an ICOs. One day, we will get there.
I Am Cryptoras…………………
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