It might seem surprising but it’s a reality that at many places of the world bitcoin is not accepted but the technology behind it, blockchain, is adopted and perceived in a very positive manner. Several countries such as China, India, UK and France are the ones who have either banned bitcoin and other cryptocurrencies completely or introduced very strict crypto regulations.
Although China’s stance towards cryptocurrencies is very conservative as the central bank, People’s Bank of China, refrained all companies from using bitcoin in 2013, the same is not true for blockchain. At the moment, China accounts for more than 50% of the world’s bitcoin mining. Aiming to be always on the front with different technologies, China is looking forward to become a global leader in blockchain and artificial intelligence( AI).
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Like China, India has also promoted blockchain while bitterly opposing the largest cryptocurrency of the world by market cap, bitcoin. Recently, it was revealed that more than half of Indian states have utilized blockchain in various citizen delivery services. Apart from that, the government itself has supported blockchain startups in several sectors including healthcare, retail, land registry maintenance and medical record. As per the Coffee Board of India (CBoI), more than 30,000 businesses have registered on its blockchain-based platform.
While the Indian government has not raised any objections for blockchain, the Reserve Bank of India (RBI) strictly ordered people to restrain dealings with cryptocurrency exchanges. As crypto enthusiasts in the country were let down with RBI’s way of dealing cryptos, the case of reversing the restrictions was tried in the supreme court of the country. Although the court isn’t satisfied with the actions of RBI, the case is still ongoing and a decision has not been made yet. The next hearing will take place on 19 November 2019.
Bitcoin and other cryptocurrencies have faced substantial criticism due to several reasons. Apart from the volatility that makes the price of crypto assets dance up and down, illegal activities and fraudulent practices making use of cryptocurrencies have only destroyed the repute of all crypto assets. This explains why blockchain use cases other than cryptos are cherished and welcomed by the regulators and governments of the world.
This post was last modified on September 14, 2020 6:08 pm
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