Cryptocurrency Ban and Whatnot
You probably heard how the Central Bank of Nigeria released an official letter prohibiting all Nigerian banks from all crypto-related transactions You probably also heard of the Indian parliament’s plan to implement a bill that would ban all private cryptocurrencies from the country.
Cryptocurrency banning was nothing new. China also attempted to ban cryptocurrency in the country years prior but did go through with the plan. Although the Nigerian and Indian banning of cryptocurrency was relatively recent, there’s really nothing surprising about it. After all it’s no secret that many governments around the world were afraid of the disruptive technology.
The rising popularity of Bitcoin and other cryptocurrencies terrifies the goverments around the world. In order to have full control of the populace, there must be trust in the country’s currencies. But the pandemic put that trust to the test. After seeing the value of fiat deteriorates like no tomorrow many turns to cryptocurrencies for assurance. This obviously did not sit well to those in power hence the ban.
Of course that’s just one reason for the ban. The other reasons they give have something to do with the speculative nature and extreme volatility of Bitcoin and other cryptocurrencies, totally ignoring the benefits and impact that cryptocurrencies have in people’s lives. Nor they want to acknowledge the technology behind cryptocurrency – the Blockchain.
Mass adoption is the ultimate goal of the Blockchain and all cryptocurrencies. And although slow, the Blockchain technology was being integrated into our daily lives. Even institutions like banks are experimenting and exploring the all of the benefits of the technology and are willing to include cryptocurrency-related function (buying, selling, etc.) in the services that they’re offering.
One these banks was the Bank of New York Mellon Corp, or BNY Mellon, America’s oldest bank recently announced that they would adopt the use and storage of digital assets which includes cryptocurrencies through a prototype platform. Other cryptocurrency-friendly banks includes the likes of Goldman Sachs, Revolut, Barclays, National Bank of Canada, Ally Bank, USAA, and Simple Banks to name a few.
Big tech companies, corporations, and billionaires are also showing their support for Bitcoin and other cryptocurrencies. The most notable of these companies and people was Tesla’s Elon Musk, and MicroStrategy’s Michael J. Saylor to name a few.
Of course true mass adoption won’t be easy. People in power who felt threated by the disruptive technology would do everything they could to slow or hinder this from happening. The obvious of which were politicians who wanted strict regulations for the all cryptocurrencies.
Fortunately, not all politicians are that closed minded. Several politicians and legislature have also shown their support for the crypto-market and had been fighting for a fairer more balance regulations. Some even want regulations that would make it easy for the Blockchain technology to be mass adopted.
The rise of the Blockchain and cryptocurrency could no longer be stopped. The advantage of using the technology is plain for everyone to see. Although there’s still a lot that needs to be addressed before the technology become truly mainstream; it’s just a matter of time.
As the support for the technology is in its all-time high, everything that needed to be addressed will be addressed very soon. And when that happened, the Blockchain, and its dependence would soon become mainstream.
That’s all from me for now. I thank everyone for reading my article. See you again next time.