Crypto legislation has arrived, development and implementation will be an ongoing process. Glitzkoin seemed to be the sole voice in support of crypto laws for quite some time, things have started to change. The important thing to understand is that, Altcoins will benefit from crypto legislation.
Before we get into Altcoins and the benefits that they would derive from crypto laws, let us for a moment look at the level of support that crypto legislations have started to gather in 2021. In September 2021 Changpeng Zhao (CZ), the CEO of Binance gave his opinion and revealed his intentions regarding crypto law. He claimed that, he would be helping governments across the globe, with framing crypto legislation. CZ added that this move could make him, a bit less popular in crypto space!
Elon Musk the billionaire crypto fan, also seemed to agree that streamlining crypto laws would benefit cryptocurrency. This is on our opinion a very positive trend. In general Elon remains against government efforts, that would interfere with the development of the crypto industry.
There are no less than 8,000 Altcoins that are registered today. Some of these are bubbling with potential, some are more or less stagnant – and surely some of these Altcoins are scams. Crypto investors are confused with this large number of Altcoins. Clear crypto laws will, help investors better evaluate various Altcoin options. T
Let’s not forget that crypto legislation would cover, a wide spectrum of activities. Cryptocurrency crime, crypto taxation, crypto exchange operations, would all be covered. Altcoins operating under such legislation, would have a positive impact on investors.
Crypto project promoters would also gain confidence. This would lead to many more projects being launched. It is hoped that, crypto legislation would soon be uniform across the globe. While formulating identical laws across nations might not be feasible, similarity in some major clauses is surely desirable.
Like any other change, the implementation of crypto laws, will surely make some people unhappy. Patience and adjustments will be required from all sides. Genuine worries need to be addressed. Cryptocurrency is a new concept, government officials might have limited knowledge about the crypto industry. Glitzkoin has often suggested that, governments could involve representatives from the crypto industry, in the process of formulating laws.
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.