The Vultures are Circling Cryptos and only Bank Alternatives are position to weather the storm.
Vultures circling above often means something is in danger and its enemies are about to move in for the kill; I can’t help but think that this is the case of government regulations coming for cryptos as we know them today, now don’t get me wrong I am indeed for regulations especially if it will bring near elimination of widespread fraud associated with cryptocurrency, however I can’t help but think that government concerns are more about losing a key element of control- Money.
Recently there have been many policy statements, orders or directives to look at how best to regulate cryptocurrency and some examples include
a. China outright ban on crypto trading in Sept, 2021
b. President Biden executive order on risk and benefits of cryptocurrency
c. Canada, Australia, The EU, India and many other countries have one form of regulation or the other
d. Ranging from illegal to legal asset and even legal tender.
e. From registration requirements to taxability etc.
Although details of most of the regulations are not yet well articulately, I have no reason not to think that this is more about reducing the independence of crypto currency.
And let me emphasize again regulation is not necessarily bad for Cryptos, to quote Binance CZ as he shared his view on “Regulation is bad for crypto.” Please don’t hold such a simplistic view. The real world is a gradient scale on multiple vectors, but it is still very simple. Good regulations will be good for crypto. Bad regulations will be bad for crypto. Having good regulations that protect consumers while encouraging innovation is important for growth of the industry. And I cannot say I agree more.
The question though is what is good regulation, does that include stifling independence or not, how many will survive good or bad regulations? These are the questions on my mind and the simple answer is I do not know, what I do know is that any crypto that is not well positioned for regulation will probably have a hard time, lose the ability to operate across international boundaries or simply go under.
The Regulation ready cryptos
For any crypto to be regulation ready all it needs to do is to look at traditional bank regulations and begin to adopt these regulations some of which may be difficult for them to swallow, nevertheless if you want to be shock proof the cryptos must prepare and adopt some self regulations.
Cryptos that are model along a combination of traditional bank features in a crypto world are best prepared for this possible coming shock.
I don’t quite know many that are modelled like this but I do know one FluidFi.
FluidFi is regulation proof. Why?
Because
1. FluidFi is a hybrid integration of all the benefits of traditional banking and the benefits of crypto in one.
2. This means that FluidFi offers all the good features of traditional banks
3. To be able to do this FluidFi must of necessity meet traditional banking requirements and regulations
4. This implies that FluidFi is a well-positioned crypto to meet or withstand any form of regulations coming to Crypto space.
5. Coupled with the fact that FluidFi is located in Switzerland a country with some of the strictest banking laws.
About FluidFi
Fluid Finance is a revolutionary new approach to banking, built for the digital age. We’ve integrated all the benefits of traditional banking with all the benefits of crypto – within one app.
You get
· Free Digital Cash Account
· Free Traditional Bank Account
· Free global payments
· Fluid debit cards
and more…
Wherever you live in the world all you need is an email address to open your Fluid account.
References
1. Brown. R. CNBC. Biden just put out an executive order on cryptocurrencies — here’s everything that’s in it, (2022,03,09). https://www.cnbc.com/2022/03/09/heres-whats-in-bidens-executive-order-on-crypto.html
2. Sergeenkov, A. China Cryptos Bans: A complete History. (2021,09, 29). https://www.coindesk.com/learn/china-crypto-bans-a-complete-history/
3. Binance Blog, CZ FAQ 5 - Why Binance Embraces Regulations. (2022,01,07). https://www.binance.com/en/blog/leadership/cz-faq-5--why-binance-embraces-regulations-421499824684903224
