Crypto Ban: Experts Say DeFi Cannot Be Shut Down By Governments

Crypto Ban: Experts Say DeFi Cannot Be Shut Down By Governments

Even as the Centre is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill, experts say decentralized entities cannot be shut down by governments and that mulling such a move will not only hurt individuals but also larger businesses.

On Tuesday, a parliamentary bulletin listing upcoming legislation included one paragraph on “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

“To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India,” it read. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Hayden Hughes, CEO of Alpha Impact, a social trading platform, said like other Central banks across the world, the RBI is “fearful” of losing control over monetary policy and seeks to rapidly push a Central Bank Digital Currency while slowing down mainstream cryptocurrencies.

“Even if there is a total ban on cryptocurrencies in India, we only have to look to China to see that firms would immediately offshore their operations. Only on-shore crypto companies would be affected. Bitcoin and cryptocurrencies are, after all, decentralized, meaning they cannot be shut down. If China cannot shut crypto down, India won’t be able to either,” Hughes said.

Anndy Lian, Chairman, BigONE Exchange said what is needed is better regulation and education to support the estimated 15-20 million crypto investors in India, who are benefiting from using cryptocurrency to send and receive money around the world, through to earning money from playing blockchain-based games such as Axie Infinity.

“With India’s crypto adoption ranking second in the world in the recent 2021 Global Crypto Adoption Index from Chainalysis, this move looks like it will not only hurt individuals but also larger businesses. Compared to Vietnam and Pakistan the country has a significantly larger share of large institutional investors, suggesting that India’s cryptocurrency investors are part of larger, more sophisticated organizations,” he said.

He added that to ban cryptocurrency as part of a wider strategy to roll out its own central bank digital currency (CBDC) will seriously undermine the nation’s crypto and blockchain business community, with the crypto industry in India currently seeing over 100 percent growth month-on-month growth, despite the government’s alleged desire to foster innovation in the blockchain sector.

Raj Kapoor, Founder – India Blockchain Alliance and Chief Growth Officer at Chainsense LTD said the government should bring about awareness instead of banning arbitrarily and let people decide and that a forward-looking economy needs forward-thinking Governments. “Cover the bases, yes, but let us not erode them. We are world tech leaders and we should show the path to the world in the crypto policy. This is our chance – will we grab it or we see a fund flight out of our shores soon,” he said.

 

Original Source: https://www.outlookindia.com/website/story/business-news-crypto-ban-experts-say-defi-cannot-be-shut-down-by-governments/402606

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Cryptocurrency Bill: Experts say DeFi cannot be shut down by governments

Cryptocurrency Bill: Experts say DeFi cannot be shut down by governments

Even as the Centre is set to go ahead with its plan to ban most cryptocurrencies in the country under a long-awaited bill, experts say decentralized entities cannot be shut down by governments and that mulling such a move will not only hurt individuals but also larger businesses.

On Tuesday, a parliamentary bulletin listing upcoming legislation included one paragraph on “The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021”.

“To create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India,” it read. “The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

Hayden Hughes, CEO of Alpha Impact, a social trading platform, said like other Central banks across the world, the RBI is “fearful” of losing control over monetary policy and seeks to rapidly push a Central Bank Digital Currency while slowing down mainstream cryptocurrencies.

“Even if there is a total ban on cryptocurrencies in India, we only have to look to China to see that firms would immediately offshore their operations. Only onshore crypto companies would be affected. Bitcoin and cryptocurrencies are, after all, decentralized, meaning they cannot be shut down. If China cannot shut crypto down, India won’t be able to either,” Hughes said.

Anndy Lian, Chairman, BigONE Exchange said what is needed is better regulation and education to support the estimated 15-20 million crypto investors in India, who are benefiting from using cryptocurrency to send and receive money around the world, through to earning money from playing blockchain-based games such as Axie Infinity.

“With India’s crypto adoption ranking second in the world in the recent 2021 Global Crypto Adoption Index from Chainalysis, this move looks like it will not only hurt individuals but also larger businesses. Compared to Vietnam and Pakistan the country has a significantly larger share of large institutional investors, suggesting that India’s cryptocurrency investors are part of larger, more sophisticated organizations,” he said.

He added that to ban cryptocurrency as part of a wider strategy to roll out its own central bank digital currency (CBDC) will seriously undermine the nation’s crypto and blockchain business community, with the crypto industry in India currently seeing over 100 percent growth month-on-month growth, despite the government’s alleged desire to foster innovation in the blockchain sector.

Raj Kapoor, Founder – India Blockchain Alliance and Chief Growth Officer at Chainsense LTD said the government should bring about awareness instead of banning arbitrarily and let people decide and that a forward-looking economy needs forward-thinking Governments. “Cover the bases, yes, but let us not erode them. We are world tech leaders and we should show the path to the world in the crypto policy. This is our chance – will we grab it or we see a fund flight out of our shores soon,” he said.

 

Original Source: https://www.freepressjournal.in/business/cryptocurrency-bill-experts-say-defi-cannot-be-shut-down-by-governments

The Free Press Journal is one of the oldest English Daily newspapers from Mumbai with a heritage of more than 90 years. And yet, The Free Press Journal is a contemporary paper and rooted in current urban realities.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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“Bitcoin miners cannot meet Grayscale Investments customer demand”/ “Майнеры Bitcoin не могут удовлетворить спрос клиентов Grayscale Investments”

“Bitcoin miners cannot meet Grayscale Investments customer demand”/ “Майнеры Bitcoin не могут удовлетворить спрос клиентов Grayscale Investments”

Thanks for quoting me on the article “Bitcoin miners cannot meet Grayscale Investments customer demand”/ “Майнеры Bitcoin не могут удовлетворить спрос клиентов Grayscale Investments”.

Adding on to what I have commented and quoted in this article.

“Greyscale Investments has doubled up their investment in Bitcoin. The company has bought 18.910 BTCs since 11 May 2020.

It is normal for an investment company to see the potential of Bitcoin, in fact, if they realised this earlier, the whole situation will be different.

I believe their daily investment from 607.62 BTCs to 1,112.35 Bitcoin is just the beginning. As the market builds more confidence for Bitcoin, their average daily will increase too.

Do bear in mind BTC’s supply is fixed and the demand is very strong. There may be an overflow of interest in other potential tokens too.”

Grayscale Investments is the world’s largest digital currency asset manager, with more than $2.2B in assets under management as of March 31, 2020. Grayscale’s investment products are available to institutional and individual accredited investors through their respective periodic and ongoing private placements. Grayscale’s single-asset investment products provide exposure to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen (ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC).

Through its family of 10 investment products, Grayscale provides access and exposure to the digital currency asset class in the form of a traditional security without the challenges of buying, storing, and safekeeping digital currencies directly. With a proven track record and unrivaled experience, Grayscale’s products operate within existing regulatory frameworks, creating secure and compliant exposure for investors. For more information, please visit www.grayscale.co.

You can read the full article in Russian at https://bloomchain.ru/newsfeed/majnery-bitcoin-ne-mogut-udovletvorit-spros-so-storony-grayscale-investments/

I have translated it in English  using Google Translate:

Bitcoin miners cannot meet Grayscale Investments customer demand

Grayscale Investments, which is part of the holding of millionaire Barry Silbert , after the May halving bought more than 18 thousand Bitcoin. Analyst Kevin Rook noted that the volume of investments of the asset management company is one and a half times the number of tokens mined by miners over the specified period of time.

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According to Ruka, miners have mined about 12,337 BTC since the third halving. During the same time, Grayscale-owned regulated cryptocurrency trust – Bitcoin Trust – acquired 18,910 BTC. It turns out that the trust buys 150% of all issued tokens. Rook also noted that after the halving, the company significantly increased the volume of average daily investments – from  607.62 BTC to 1112.35 BTC.

Changpeng Zhao , head of the Binance cryptocurrency exchange , has already noticed a Tweak tweet and noted that the demand for cryptocurrency exceeds supply. However, some community members feel that this is not good. For example, investor Andy Lian noted that the actions of Grayscale will lead to the appearance of another whale on the market, which will adversely affect the entire industry.

However, the increased activity on the part of the Bitcoin Trust is another indication that institutional investors do not share the position of the financial conglomerate Goldman Sachs, which opposed investments in cryptocurrency. Note that the crypto community has reacted quite rapidly to criticism of the investment bank. Users believe that his analysts were not able to appreciate the capabilities of this class of assets.

Grayscale Investments reports that as of May 27, 2020, the company managed assets with a total value of $ 3.6 billion. Moreover, most of these assets are accounted for precisely by Bitcoin Trust. He manages assets worth $ 3.2 billion – this is approximately 345,000 BTC at the current exchange rate, or almost 2% of all Bitcoin circulating in the network.

Recall that in the first quarter of 2020, Grayscale Investments attracted more than $ 500 million under its wing – this is almost as much as the company managed to attract for the entire 2019. Most of this money was invested in her bitcoin trust.

 

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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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Blockchain Cannot be Developed behind Closed Doors “To change the real world, blockchain companies need to step out of blockchain world.”

Blockchain Cannot be Developed behind Closed Doors “To change the real world, blockchain companies need to step out of blockchain world.”

The blockchain industry does not lack hype, for sure. New blockchain companies seem to spruce up every single day. Initial Coin Offerings (ICOs) raised more money in the first three months of 2018 than the whole of 2017, according to data collected by CoinDesk.

Source from: https://www.coindesk.com/6-3-billion-2018-ico-funding-already-outpaced-2017/

However, blockchain is still a distance away from mass adoption. The technology remains in a nascent stageand has not impacted people around the world yet, which has led many to question whether the world can really be transformed by blockchain.

Linfinity CEO Anndy Lian believes that in order to speed up the tapping of blockchain’s potential, blockchain companies need to proactively try to merge their technologies with traditional businesses and industries, especially those that are less digitalised at the moment.

He said, “The appearance of blockchain provided traditional industries with unlimited heights of imagination. However, there are many problems that blockchain needs to overcome first.

“It cannot work behind closed doors, as its first-priority role should be a technological service that is integrated with traditional industries. In this process, blockchain technology can continually be upgraded.”

A wider audience Integrating blockchain with traditional businesses and industries will, most importantly, let it reach a wider audience.

The value of the blockchain market is estimated to be USD 550 million this year. While the size of the industry is rapidly increasing, it is hardly comparable to already established industries.

For example, Linfinity aims to provide blockchain-based solutions for the supply chain to make the supply chain industry more transparent and secure. The global supply chain management market size is worth around USD 14 billion now, making it 25 times as large as the entire blockchain market.

Hence, when Linfinity integrates blockchain into supply chain management, it opens up blockchain to a whole new paradigm of possibilities and business use-cases. By combining blockchain effectively with pre-existing technologies to help traditional businesses, it brings blockchain directly to the masses, rather than having blockchain stay within specific circles.

The blockchain process of transacting and storing information on a decentralised, distributed ledger yields many benefits for enterprise application data. That makes supply chain management a good use case — a consortium of stakeholders in a supply chain can own, operate and enforce rules for their own shared blockchain.

Combine with other technologies

Blockchain itself should be used sparingly, where it is needed. The ample cryptography which blockchains employ also make them slow. That provides another reason to reconsider off-chain processing and storage alternatives.

In order to maximise its effectiveness and applicability to enterprise scenarios, it needs to be used together with other pre-existing great technologies.

Lian said, “Making blockchain more widespread requires a process. Simply relying on the technology itself is unproductive.”

“Linfinity combines blockchain with Artificial Intelligence and the Internet of Things (IoT). We also focus on the demands of businesses and consumers, so we can speed up the commercialisation of blockchain.”

Besides, having data from the supply chain recorded onto blockchain, Linfinity plans to use other technologies, such as Artificial Intelligence, to conduct real time analysis and to magnify the value of supply chain data.

It will then be able to provide innovative value-add services such as smart energy monitoring, smart sales monitoring, and predictive maintenance.

For blockchain world to expand its reach to the wider world, blockchain companies need to proactively step out. Having access to wider markets and amplifying blockchain’s effectiveness aside, that is the only way blockchain can truly enhance the world.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”. Currently, he is appointed as Chairman, Asia for BigONE Exchange and Chief Digital Advisor, Mongolia Productivity Organisation. Anndy is part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region and was previously the Advisory Board Member of Hyundai DAC Technology.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

You can read more about Anndy’s work at www.anndy.com

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