What would happen to The Coin Tribune if all governments banned cryptography and related activities tomorrow? The cryptosphere is not immune to the whims of regulators defending fiats in physical or digital form.
A non-peaceful revolution for cryptomoney
The Government of India is considering a bill, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, to ban all privately owned cryptosystems.
This bill also aims to introduce CBDCs. Parliament will have to vote for or against this bill by April 8, 2021.
It will be debated pending that date. This bill creates a framework that facilitates the development of a digital currency issued by the Reserve Bank of India.
In April 2018, the Reserve Bank of India banned banks from collaborating with cryptographic companies. This ban was lifted by India’s Supreme Court in March 2020.
In June 2020, the government proposed a 10-year prison sentence for cryptos traders. The current bill, however, does not mention a prison sentence.
India leads the way
Will the governments of other countries follow India’s « logical » path? The launch of a CBDC in one country could be accompanied by a tightening or outright ban on cryptomoney.
The Digital Dollar will probably not take the risk of cohabiting with Bitcoin (BTC) and its cadets.
The arrival of Janet Yellen as US Secretary of the Treasury does not bode well for cryptosystems, while Europe and the US, although still in a phase of reflection, could launch their CBDCs within the next 3 to 4 years.
China is now well ahead in the race for CBDCs with its Digital Yuan.
It has recently tested a physical wallet that does not require a smartphone, to ensure the adoption of its crypto-yuan among a poor rural population.
The legislative battle is likely to grow if Bitcoin reaches USD 100,000 and the adoption rate of some Altcoins and Stablecoins explodes, thanks to electronic payment services such as PayPal and Visa, which play the game of cryptomoney. Effective decentralisation of all cryptos projects – in the broadest sense – is the only way to protect against a ban on cryptos in many countries. True decentralization is a kind of organizational and technological bunker against legal bombardments.
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