Crypto regulations move forward as CBDCs arrive.

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Avatar for Jnavedan
1 year ago

I don't want to sound like a broken record. Well! The younger ones; will not know what the expression refers to since they have never seen an acetate disc emits music when in contact with a needle. Although, for sure, they know and use the option to repeat the song on the mobile. Lol

So, excuse me if I reiterate that bitcoin was created to allow direct interaction without trust intermediaries to make commercial transactions on the internet.

So I ask you,

Why do governments (along with banks) want to get in the way of the new emerging economy?

Don't answer me, please!

This is a rhetorical question for the informed.

I suspect that each government does its own thing in its country trying, to regulate the crypto-verse with the argument of:

prevention and control of money laundering risks,

avoiding terrorist financing,

mitigating the financing of proliferation of weapons of mass destruction.

I see the hypocrisy in the grounds they put forward, judging from where the evil originates.

In the first instance, who can deny that the statements are desirable? The problem is that those who promulgate them: are the cause of the evils people suffer.

I idealized and believed in the system with all its imperfections. Now, I am convinced that I have lived alienated and manipulated.

I will be honest with you! I even feel ashamed to work for the government of my country, believing that I was doing the right thing. I was completely naïve.

Well, it's never too late to wake up and make amends, even if it's hard to go against the current.

The worst thing! Admitting that we are most likely to be defeated or co-opted by those who have enslaved us.

The elites see (in the rebelliousness of the emerging Fintech community) a real threat to their power base.

Today they articulate efforts to smash the advances of liberating projects like Bitcoin (represented by BCH).

As an example, I can refer you to the management of the FATF (Financial Action Task Force), giving standards to give methodology in attempts to regulate the growing crypto sector, DEFI, and NFTS.

In my country, the government created an agency to regulate crypto market activity my country, the government created an agency to regulate crypto market activity. And consequently, it has enacted (low profile) regulations to control the free trading relationship between people.

One of its latest regulations (not published in the official gazette) attacks in a connoted way the basis of Bitcoin.

Most people go about their daily lives trusting in the perfectibility of the system and will unwittingly accept digital currencies from central banks.

I sound pessimistic and defeated; I know, but that is what I can see if real bitcoin does not succeed.

Maybe I am wrong. Let's hope so.

An original article by @Jnavedan

The thumbnail and cover image by Sergei Tokmakov Terms.Law on Pixabay 

I end by thanking all my colleagues in the community, who add value every day here. As well as all my sponsors for believing in the content I share with you.

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1 year ago