Your LinkedIn Connections with the authors. To print this article, all you need is to be registered or login on Mondaq. Footnotes 1. Regulation of Cryptocurrency in Japan, Library of Congress 7. Regulation of Cryptocurrency in Canada, Library of Congress 8. Regulation of Cryptocurrency in Israel, Library of Congress 9. Regulation of Cryptocurrency in China, Library of Congress Supra note 5 Originally published on May Rahul Chopra.
What Does the Future Hold for Cryptocurrency?
India Technology Fin Tech. In this note, we have discussed three categories of countries on the basis of their approach to regulating cryptocurrency. In January , India's cryptocurrency investors and enthusiasts were shocked when the Lok Sabha Bulletin indicated that the Indian Parliament is considering the introduction of the The use of cryptocurrency has always been a point of contention with its legality being a mystery to public.
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In the era where technological advancements are happening at an exponential rate, the Fintech sector has found itself at the forefront of this boom. Blockchain is a tamper-proof electronic ledger. Think of it the same way as you would an accounting ledger book, a cash book, a land title register or a medical health file. Sign Up for our free News Alerts - All the latest articles on your chosen topics condensed into a free bi-weekly email.
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Investing in Cryptocurrency? Risks, Safety Legal Status, Future in India – All you need to know
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They are still reliant on the underlying infrastructure powering cryptocurrencies like Bitcoin, much of which is located in China. The Chinese government could theoretically make changes to cryptocurrencies at a fundamental level by imposing its will on the data miners who keep them running. In particular, the platform was designed to facilitate international payments and eliminate unnecessary transaction costs and fees. Professor Grundfest concedes that the goal is admirable, but he believes that the approach is deeply flawed.
Instead, Professor Grundfest argues that a better approach would have been for Facebook to create its own bank that could act as a primary financial institution for its users. The company could have focused on building banking systems customized to each nation or region, addressing regulatory demands and driving down costs. Once those had been established and public trust was built, then it would make sense to simply link each one to create a global network. Stable coins have grown in popularity as a way to back cryptocurrency with assets that hold real value, much in the same way U.
Those assets could be other currencies or commodities — virtually anything, really.
There are a couple of issues Grundfest has with this approach. For one, it essentially recreates a system that already exists. Professor Grundfest closed the webinar covering some of the stronger applications for cryptocurrency. For instance, people living in countries with weak currencies may be better off investing in Bitcoin than buying local stocks and bonds.
Proponents see limitless potential, while critics see nothing but risk.