Bad News for Crypto
While much of the world is opening up to the idea of cryptocurrency, those countries who fear the counter-punch to its fiat currency are constantly on the attack. Recently India announced that it is pursuing legislation that would ban not only the mining, sale, and transfer of cryptocurrency, but they would also ban simply holding it. (I guess that is a good thing since no serious crypto enthusiast holds crypto - we HODL it -- sorry bad joke).
What does this mean for the rest of the world? Russia already has placed significant restrictions on crypto. China has already tried to ban its use and has recently banned mining in its Mongolia region. The key question is, just how decentralized is crypto? If a large percentage of the world's population has either banned crypto or is in the process of doing so -- just how strong will its influence last? The whole notion of power as it pertains to crypto is that it is decentralized finance and a counter-punch to a nation's weakening fiat currency. But the question remains, who will win?
Fiat vs. Crypto -- Only time will tell
