Cryptocurrency is like the Genie from the magic lamp. Any country that holds it has the potential to become the wealthiest nation in the world 🙂
At the blink of an eye, the usage of cryptocurrency has caught up like wild fire among the citizens of the world. The virtual currency has established itself in the daily usage of common man, and it has gained real monetary value. The value cryptocurrency holds is either equated to FIAT currency( or even better, it is now traded for real world items and commodities ). This very factor of cryptocurrency holding a tradable value, has started making it the alternative for all other fiat currencies in the world ( USD, EURO, Yuan etc. ). It has already gone to an extent where banning it would only complicate things more.
The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin,
– Jack Dorsey, CEO of Twitter.
However, the biggest question and fear is: What if countries ban it…but the monetary value still sticks on to it? ie. people still keep using it for buying and selling real world stuff ( land, gold, cash, tickets etc. ). Well, nations already have enough problems that are yet to be solved, they dont want another such massive problem in their hands.
And the more serious issue is, while various countries are still confused on legalising or Banning cryptocurrency….there are many countries that have already legalised it. Just think for a minute America Bans Cryptocurrency. The next day, it will see thousands of Entrepreneurs move permanently to countries that have legalised Crypto. Along with them they also take their company and staff. Overnight the US will loose so much of talent. And billions of dollars ( Just ETHEREUM, RIPPLE and TRON exiting the country will have so much impact ). The same logic also applies for any country that bans Crypto as well. No growing nation would want this to happen to them.
To add fuel to this, nobody has yet cracked the security of crypto. No-one has yet found a way to track and tag the identity of people owning and moving crypto, and also doesn’t seem to be possible in near future. Which makes it all the more easy for anyone to move funds across countries without any hassle. This means that countries that have legalised crypto will start soon seeing talent and wealth pouring in. The perfect chance for any under developed nation to achieve massive, quick, hockey stick growth.
All the above compelling reasons, has made a “cat on the wall” decision making situation for countries worldwide.
While various countries and their financial regulatory bodies are thinking on what decision to make:
– Blockchain protocols like Ripple, Stellar etc. are signing up Banks worldwide and doing live POC’s.
– Big companies like Morgan Stanly, Facebook Inc. etc. are launching their own Crypto coins.
– Global Financial institutions like CME Group, Fidelity have started issuing Bitcoin Futures contract. Started Crypto clearing and custody companies.
– Corporations like Microsoft, ICE, Starbucks etc.have come together to provide all types of cryptocurrency services in 2019 ( Trading, Warehousing etc. )
– Successful Entrepreneurs and businessmen like Elon Musk, Jack Dorsey, Zukerberg etc. are speaking pro-crypto and warming up to it in the recent times.
– More countries are making cryptocurrency legal this year.
– Many big, medium and small business across the globe have started accepting crypto payments.
– The world of cryptocurrency is seeing all the more adoption and morphing itself to even more serious concepts like: Asset tokenisation, Bitcoin based ETF’s, Security tokens etc.