Cryptocurrency: World's New Legal Tender Drawing Near?
The world was awake when cryptocurrency crept into our lives. It changed the trade of buying and selling of money like a commodity.
It is not an exchange of money like the Bureau De Change guys do, but outright buying and selling of money, but this time virtual.
This has come, and it appears it is staying, with the U.S. Congress striking a positive tone on the impact of cryptocurrency during latest hearing.
Some countries have started adopting transactions and establishment of cryptocurrency’s ATM and some states in the United States are part of this.
With these situations - different countries with their own stance (some sitting on the fence), one cannot but wonder how long world powers can continue suppressing cryptocurrency?
China is a highly populous nation and we know what population could do to any business.
But this nation has totally banned the trading of cryptocurrency.
Of late, however, the Centre for Information Industry Development (CCID), a research unit under the country’s industrial ministry, officially launched its monthly ratings index (link in Chinese) on 28 crypto coins and the block-chains behind them.
The CCID said the index is based on three criteria, technology, application, and innovation, but didn’t publish its methodology.
Ethereum is the top-ranked crypto in the first issue of its ratings, while bitcoin only came in at 13th place.
Why is China monitoring?
The popularity of cryptocurrency is growing and this could result in the usual "our hands are tied" statement and then an acceptance of it.
How long do we have for these fears to be replaced?
The fear of these nations that are yet to allow free flow of cryptocurrencies into our daily lives are much and here are a few of them.
No Registered company
In Nigeria for instance, there is no registered company that is in charge of cryptocurrency trades that could be prosecuted should people lose their finances.
Reduction of Nations' Legal Tender Power
Many countries of the world will be sceptical about losing their legal tender to the power of cryptocurrency – liquid money.
This will reduce the power conferred on banks both apex and commercial banks in every nation. Laws must be adjusted for this to happen.
Most countries will lose this to nations that will have majority control over this liquid money should it be allowed worldwide.
Imagine waking up one day and the website housing your cryptocurrency account keeps showing you "this site cannot be reached". The money is gone and an individual in charge of this fraud will move all cryptocurrencies and convert to cash in few days.
Poverty and suicide will sweep through some nations the moment that happens and nations like China are trying to avoid this.
There is limited amount of control that countries have over the establishment of websites because of the freedom that the internet enjoys.
A restriction has always been kicked against and China’s ability to restrict Cryptocurrency trades is because it has a great level of censorship that other nations do not have.
Will the world throw away the freedom and go after censorship to keep cryptocurrency trade under control and strict monitoring?
Funding Of Terrorism
One reason Nigeria has kicked against it is because it could fuel terrorism in the nation that has seen over eight years of insurgency in its northeast.
Crime rate will increase, since people can have access to funds without proper checking.
The nation's destiny has already been dented with corruption and money laundering.
In Nigeria, on January 19, 2017, the Central Bank of Nigeria “officially outlawed digital currencies", citing reasons like money laundering and terror financing to prohibit banks to use, hold or transact virtual currencies.
It also established that they should ensure “existing customers that are virtual currency traders have effective AML/CFT controls.”
For every cryptocurrency transaction, there is usually no tax.
Those who buy from foreign sellers get the same dollar amount in exchange and that means the funds are not taxed.
Those who trade within Nigeria get the exact Naira equivalent and that money is not also taxed.
Why should the money be taxed? An ardent cryptocurrency seller of buyer will ask.
These people who buy virtual currencies that are not taxed will buy cars and drive on our roads built with tax payer’s money without contributing to its maintenance. Is this right, my friend?
For The Religious Who Believe
The book of revelation had foretold a period where there will be a central currency that people can exchange to the extent that one man could run all continents' affairs from a point.
Technology is driving the world to this point and cryptocurrency will help further fuel the free transaction mode described in the scriptures.
This time is drawing nearer, a religious fellow who believes will say and could they be right?
Who is in charge of this cryptocurrency business?
There may be a little knowledge about who leads in the business of cryptocurrency trading in other parts of the world, but in Nigeria, it has become the next hustle for Yahoo Yahoo guys.
Since Facebook made it impossible to reuse photos for fresh Facebook accounts that could be used to defraud people and since email service companies began to put security measures in place to reduce hacking, the boys have moved over to trading in cryptocurrency.
These guys have taken position and the world is torn between allowing them to defraud people and creating a law that would guide their activities as regards cryptocurrency.
There is a common belief that when the mind is fraudulent, it is brought into everything the individual does. As a man thinks, so is he.
Yahoo boys will device means of defrauding people who are of good heart that may venture into the buying and selling of cryptocurrency and world leaders will not sit and see this happen.
Fear Risk? When To Get Involved In Cryptocurrency
There is always a right time to engage in every venture in life and here is just what to look out for before you are certain that your money is safe when you make it liquid.
When strong powers take up these liquid monies as legal tender in their nations, allowing transactions to be done anywhere in the country with cryptocurrency, only then is it appropriate to begin to engage in cryptocurrency transactions and this is if you are scared of the risks involved.
At this point, controls must have been established over how these cryptocurrencies are traded and measures that would ensure monies of persons who have invested or are engaging in it are safe.
But will the whole world throw away the ‘No Censorship’ clause guiding the internet and embrace a censored internet just because of cryptocurrencies, or will the world continue to kick against its acceptability and delay the anti-Christ as foretold?
Few years down the line, we will know.
Please, share this with your friends and loved ones to help them guard against being defrauded while engaging in cryptocurrency trading.