In this report we talk about an approach that would, encourage the development of the crypto industry. This should obviously interest nations that, are keen to see the development of cryptocurrency. But before we begin it should be understood that, crypto participants are divided into two broad categories – we will come to those categories in a moment. So we just cannot have an approach that, satisfies all crypto stakeholders.
Now coming to the two categories of crypto stakeholders that we spoke of. The first category are the hardcore crypto players, this group would like to see crypto space left as it is – with absolutely no changes made. Easy to understand that crypto legislations and rules would never find favor with this group.
The second group which has been growing in size since 2019, includes the likes of Glitzkoin. This is the group that wants to accommodate a larger mix of participants into crypto activity – not just the tech minds. Interestingly this is the same group that, dreams of seeing cryptocurrency enjoy the same status as conventional money. People supporting the increased use of cryptocurrency, would also be included in this group.
The world has moved from blockading cryptocurrency and wishing it away to, realizing that it does offer some real advantages over fiat currency. We hear much talk about official (national) digital currencies (CBDC) but, much crypto expertise and understanding of crypto, has come from the private crypto industry. It is fair to expect that any crypto strategy should, allow the private crypto industry to exist and develop. And in cases where a CBDC (Central Bank Digital Currency) is being planned, it is important that the crypto promoted by the state and cryptocurrencies from third parties, operate side by side. This will quite obviously entail a legal framework, one that should be fair and reasonable.
Moving to the issue of cryptocurrency being used instead of fiat cash – this has started happening and shows no sign of slowing down. This interestingly is what, Glitzkoin has done by striking a deal with leading online ticketing giant Myticket.Asia. Visitors to the portal in the near future, will be able to pay for their purchases with the GTN crypto token. And since we are talking about cryptocurrency being used like cash, legal standards would also need to be the same for crypto and cash.
Crypto security is a huge issue, it keeps growing by the day. Right from scam projects being promoted, crypto wallets being hacked, crypto exchanges engaging in suspicious activities, crypto exchange hacks etc. No doubt that many of these problems are also present in the conventional monetary system but, at this point of time law enforcement seems to lack the legal teeth to go after crypto criminals. What is required is a complex combination of rules, regulations and laws – not an easy process, but would have to be formulated and implemented.
And at the end of the day it would not be about A country being better than B country, for crypto business. Any country that is serious about encouraging its crypto industry, would need to ensure that its strategy covers the above issues. Crypto business promoters will seek countries that, offer clarity and confidence.
We got a few inputs from Glitzkoin Russian Advisor Mikhail Koslov on this topic, here are his inputs, ‘… yes we need cryptocurrency laws, yes it would be wonderful to expand crypto space to include participants from all walks of life. But at the end of the day what we badly need is a fair degree, of uniformity and consent at the international level. I refer to related laws and regulations’.
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.