If we continue at this pace, there will possibly be marked divisions in cryptocurrencies, between the world’s major economies than cryptocurrencies and the smaller, less economically sound countries that embrace Bitcoin and its brethren wholeheartedly.
Concrete example: India seems to be on track to ban all personal cryptocurrencies, which would have the effect of isolating a giant global economy from the virtual arrivals and exchanges that would be established there, allowing citizens and businesses to speculate, yes, or invoice with virtual offers.
In doing so, India seems poised to follow in China’s footsteps. In September, China declared all crypto transactions illegal.
Read here: China declares all cryptocurrencies and similar transactions illegal
In this case, China pointed to the illegal activities surrounding cryptocurrencies (cash laundering, gambling, pyramid schemes) and cited bitcoin, ether, and cable as examples.
The mandate, as we noted at the time, also affects businesses beyond China’s borders, making it a crime for cryptocurrencies operated through foreign exchanges to conduct virtual transactions with other people in China.
There are echoes of all this in India’s upcoming ban.
As reported through sites such as India Today, the Indian government will present an invoice at the upcoming winter consultation of Parliament that paves the way for the issuance of virtual currency through the central bank (CBDC), possibly at the expense of personal cryptocurrencies. The bill would be titled The bill on cryptocurrencies and regulation of the official digital currency, 2021 and would seek to create a framework for virtual currency and, at the same time, ban cryptocurrencies, with the notable exception of cryptocurrencies that advertise blockchain.
We argue that this is a distinction: the Indian government discovers a promise in blockhain, which is, in reality, the infrastructure that underpins the issuance and transactions of cryptocurrencies. space for cryptocurrencies to be issued as assets, but not used in payments.
Also read: India considers cryptocurrencies as assets, leaving bills off the table
As for the scope and scope of cryptocurrency in India, at least at the moment: according to Reuters, there are between 15 and 20 million cryptocurrency investors in India, with a crypto value of about 5. 3 billion US dollars. It’s a bet that the crypto-related law and ban will reduce unit numbers.
By prohibiting cryptocurrencies from having a wider presence within the economy, i. e. money services, invoices, the reserve bank can factor its CBDC without competition This is a strategy that is already being actively applied in China, where a national deployment of the virtual yuan is a few months away.
In the meantime, we may see bitcoins and other currencies of choice, excluded as they are and will be from primary industry brokers and customer transactions, confined to small economies. El Salvador is a key example here.
The divisions between where bitcoin is and will be welcomed and where it is and will have been avoided are clearer.
Read more: A volcano to force miners in the Bitcoin village in El Salvador
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NEW PYMNTS DATA: HOLIDAY SHOPPING OUTLOOK 2021
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