One bans, the other promotes
The Reserve Bank of India (RBI) has decided to place a ban on cryptocurrency dealings. As expected, every investor has made a mad dash to their exchange wallets and tried to sell off all their virtual currency holdings. With this move by the top bank in India, what would be the impact on prices? In the past, when China decided to crackdown on cryptocurrency mining activities, the world saw a huge drop in the price of Bitcoin as well as other altcoins. The move by the South Korean government to “regulate” cryptos also saw a drop in market capitalization by almost half it’s previous value.
Source:https://pixabay.com/en/rupees-bank-note-india-pay-economy-587271/
Now, the question remains how badly will this move by the premiere bank in the second most populous country in the world affect the world of digital currencies? It will definitely be bad at first, but the bounce back will be even sweeter. The centralised bodies are banding together and fighting against the masses but there is strength in numbers.
Source: https://pixabay.com/en/copper-wire-cable-scrap-metal-72062/
From one government banning cryptos, to another one embracing it. Chile’s National Energy Commission has launched an Ethereum-Based Pilot to record energy data. The country’s energy regulation authority, Comisión Nacional de Energía de Chile (CNE) announced a project which was developed on the basis of the Ethereum Blockchain network. This new initiative will address the problems associated with a centralized database, which include vulnerability to what they refer to as "man-in-the-middle (MITM) attacks”. The organization’s plan for this disruptive technology is for it to be one that will store data in several servers and provide real time access to information. Their preventative plan to safeguard against errors is to first store the data in an Open Energy database, run the data through a verification process before it is placed on the Ethereum network.
After the never ending stream of governments and organizations banning crypto currencies, it is refreshing to see a forward thinking.
Read more:
https://cointelegraph.com/news/chiles-national-energy-commission-launches-ethereum-based-pilot-for-energy-data
https://economictimes.indiatimes.com/news/economy/policy/rbi-bans-bitcoin-and-other-virtual-currencies-investors-concerned-for-tax-dues/articleshow/63651580.cms
The way I see it is pretty simple. Sad news coming from India and good news coming from Chile. I remember when China had a crackdown on cryptocurrency. It affected the price of Crypto badly and this made exchange companies like Binance relocate to other locations. At the moment Binance are relocating their Hq to Malta.
It is pretty obvious that countries will loose investment opportunities by having a crackdown on digital currency. It is the future and centralized system needs to start getting use to this change. Countries like Malta and Switzerland are attracting huge investment from the crypto world because of the friendly environment they have created for this disruptive technology.
Now let’s look at Africa most especially Nigeria as a use case. This is a big opportunity for Nigeria to key into the blockchain and decentralized application. It’s high time the govt start looking at ways this technology can help grow our economy. There is a lot we can do with this technology. I encourage schools and the education sector to key in to this tech ASAP. It should be a must priority in our system. It’s a good way to reduce corruption and create employment for the masses. This is my take on this matter based on my understanding of what I know about blockchain technology. Look at what steemit is doing in Nigeria. Steemit has given a lot of people jobs in Nigeria. This is just steemit( a social networking site with a reward system). That is like bread and beans for naija now.
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