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 the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. 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.

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”.

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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 the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. 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.

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”.

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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 the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. 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.

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”.

j j j