While many crypto analysts are trying to come to terms with the uncertain and bearish crypto market, something very positive is taking shape. A sincere attempt is being made across the globe to make crypto transactions safe and clean.
Taken in a purely technical sense, blockchain and crypto were meant to be anonymous and decentralized. The idea of having laws to govern their usage and operation, might seem to go against the basic fundamentals of these technical innovations. This is of course is just one side of the story, there is much more to this than meets the eye.
Uncontrolled trade in cryptos and the presence of crypto exchanges that, are not answerable to any laws, limits the utilization of crytpos. Trying to develop cryptos with nothing but speculation, has proved to be the root cause for a volatile crypto market.
Glitzkoin welcomes crypto legislation and the regulated operation of crypto exchanges. There is some talk about cryptos aiming to replace the conventional banking system. Without getting into details, we would like to quote Glitzkoin CEO Navneet Goenka, in his words, ‘… cryptos need to make a contribution to the real world economy. Crypto trade should get rid of its ‘hyper speculative’ image. For this to happen, it is not necessary for cryptos to replace or even diminish the importance of the banking system. Both cryptos and banks can operate hand in hand …’.
The objective of regulating crypto trade should aim at, weeding out the negative factors without, scuttling the development of this amazing financial innovation. The fact that cryptos have been misused and crypto exchanges hacked is no secret. Laws and regulations can help make crypto space safer and this, would benefit all stakeholders.
The Glitzkoin team has a small wish list of its own, this relates to the formulation of rules and regulations related to cryptos. Regulations would be more constructive if, nations coordinated their efforts. Let’s not forget that, it took decades for banking systems to deliver some degree of uniformity across nations. Taking this up as a priority when it comes to crypto laws, would prove to be extremely effective.