Global Governments diverge on Crypto Plans
India

Global Governments diverge on Crypto Plans

By Keith Thuerk | New to Crypto's? | 25 Nov 2021


Global Governments diverge on Crypto Plans

 

This week we received Crypto news from India and Japan and their directions diverge in regard how they will let their countrymen adopt Crypto.

 

Japan announced a Digital Currency Forum where the trial of a new digital currency backed by bank deposits. The test could be executed as early as the next few weeks (put another way...prior to year end)

  • What are the goals? the test run will focus on the digital currency's feasibility for business transactions, such as large payments between companies. 
  • Timing of full scale release? By mid-2022
  • What exchange will they run on? Initially the Tokyo-based cryptocurrency exchange service provider Decurret
  • Who is involved? The Forum is made up of huge banks, huge enterprises and Retail Giants. 
    • The Banks include MUFG Bank, Sumitomo Mitsui Banking Corp., Mizuho Bank, Japan Post Bank
    • The Huge Enterprises include East Japan Railway, Kansai Electric Power,  Mitsubishi Corp, Nippon Telegraph and Telephone group,
    • And the retailers include Seven & i Holdings

I believe great things are in store for this initiative as they have the backing of the Japanese Government and huge industry players!

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India - well, India, took a different tact all together...

  • India will ban all Crypto advertising (ads)
  • Ban Crypto for payments of all types 
  • And regulate Crypto as an Asset - Think trade restrictions by The Securities and Exchange Board of India.

The Modi Government has restricted India from full Crypto adoption but they have left a door stop in-place so the door is not fully closed. But, this is a roadblock for certain. Wondering how much VPN use and traffic from India will go up after this?  Does this explain why Silver imports into India are up so much this year? 

 

Summary - As from these two cases we see some Governments are taking firm action while others posture and kick the can down the road. I firmly believe that all government and government officials are supposed to serve the people, not the other way around! What have you done to encourage your Government to pick the Crypto journey?

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Keith Thuerk
Keith Thuerk

Currently learning about Crypto's and DeFi to combat the Inflationary Tidal wave coming our way!


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