Crypto Legislation Closer To Money Laws

Much has happened about crypto legislation since 2020, Glitzkoin has always maintained that crypto laws are necessary. The pandemic fast forwarded development in the crypto industry. Authorities in many nations have realized that, totally blocking cryptocurrency was neither possible nor desirable. The best option seemed to be to allow, the crypto industry to develop under a set of rules and laws. 

One of the factors that would significantly influence the direction of crypto laws, is the use of crypto to make payment. Businesses have started accepting cryptocurrency as a mode of payment, service providers are adopting a similar approach. 

Paypal the leading online payment provider has, revealed its intention to incorporate cryptocurrency into its operations. Visa and Mastercard the most patronized card providers, have announced plans to accept cryptocurrency payments. The plans are likely to involve the funding of these cards, with cryptocurrency. 

It is a matter of time before, prominent ecommerce platforms will integrate, cryptocurrency as one of the payment options. This trend is quite obviously influenced by the increasing popularity of cryptocurrency. 

We have moved from a point where crypto was getting closer to money to a point where, it could be used instead of money. This is a major defining point for crypto legislation. It is expected that, laws governing cryptocurrency would bear significant similarity to those, governing conventional money. 

No doubt that crypto laws would need to cover, much more than just crypto payments. Crypto security and the tackling of crypto crime would also, be a part of such legislation. Crypto taxation would be an entire chapter of crypto related legislation. 

GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token.  The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry. 

The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.  

The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform.  This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases. 

Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.  

                                                                                     

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