Development Of Crypto Laws And Regulations In 2021

While the world will never forget 2020 as being a year that unleashed a deadly health crisis, the crypto world will not see this as a very bad year. Conditions that unfolded during the COVID-19 pandemic, seemed to convince governments and official authorities that, cryptocurrency could outperform conventional money – under a set of circumstances. 

Having said that, there is a clear understanding that crypto can be misused – much needs to be done before this financial innovation can significantly replace fiat currency. Besides worries like money laundering, terror funding and unaccounted wealth accumulation, we also have seen a rise in crypto crime. 

It is fair to say that, conventional money has its own share of vices and crime. But when it comes to a brand new technology, expectations are high and everyone wants to get things right. In any case it is a good idea to get issues sorted out, right from the beginning. This would ensure that things would run smoothly with no frequent stops and starts. 

So the crypto industry wish list for 2021, should include a serious effort to formulate and implement effective legislation to guide crypto transactions. We at Glitzkoin have always advocated a wider usage of crypto and a wider participation in crypto trade. Much that is currently happening to the crypto industry, points to that direction.  But for this to really happen on a bigger scale and sustain, it is necessary to make crypto space safer. 

As often reported in Glitzkoin posts across social media and website channels,  crypto markets need to offer more than just reckless speculation. The concept of hyping up crypto prices and deploying, big names to push up specific cryptocurrencies is way too common. While some crypto players might have no qualms, if the market behaves like a big casino – this is really not in the interest of most crypto participants. 

Crypto operations need to be streamlined, incorporating risks and guesses is fine but, blatant attempts to fool innocent investors should not be tolerated. Laws and regulations can help create a better crypto environment – hoping that 2021 delivers that much-needed boost. 

Glitzkoin CEO Navneet Goenka made his stand clear, ‘… we welcome crypto legislation, it is a requirement to create a positive crypto environment. Having said that, I do wish that a serious effort is made to bring about uniformity across nations. While this might not be a 100% possibility, major sections of the law should be aligned among nations’.

 

 

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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Related Resources: [Project Updates]