Acceptance of cryptocurrency has been tremendous in the past few quarters. It was not so long ago that, crypto was viewed with suspicion and fear. Things have changed positively, crypto has not only become more acceptable but has even been touted as being ‘useful’. No one can deny that the crypto industry, has developed under some very challenging odds.
Cryptocurrency has much to offer, this goes beyond the realm of speculation and crypto market trade. Online payment providers are opening up to crypto being used as a mode of payment. Simply put cryptocurrency is inching closer to a domain, that has until now been monopolized by fiat money.
The crypto industry has seen a high degree of development and product offerings, have become extremely innovative. Crypto custody services, crypto loaning, and crypto banks are already here. Conventional banks are keen to offer crypto services and it does seem that, established crypto exchanges would soon show interest in providing conventional banking services.
All that goodness has not come without a fair share of worries and problems. Crypto crime is on the rise, hackers and scammers have caused losses that run into millions of dollars. Law enforcement authorities have identified attempts to launder money and avoid taxation, using the cryptocurrency route. We have seen a few crypto exchanges being pulled up by the authorities, this to scrutinize suspicious transactions and activities. It is time to implement a crypto framework that, includes regulations and laws to oversee all activities related to the crypto industry.
Seeing the scope and potential of cryptocurrency in economic development, governments have decided to let the industry operate under a legal framework. This is the right way to move forward though we at Glitzkoin feel that, it would be best for the crypto industry and the authorities to work together on defining legal parameters.
The development of the crypto industry has been enhanced by innovation, this is something that needs to be sustained. Crypto promoters and the entire crypto community, would feel more comfortable and confident if effective legislation was in place.
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.
Related Resources: [Project Updates]