The Crypto Revolution Is Going To Happen Per Mike NovogratzAugust 31, 2019
The Indian government is ready with the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019. The government is continuing with matters related to cryptocurrency with due caution. The FATF has recommended that countries should assess money laundering or terrorist financing risks.
Special Investigation Team (SIT) on black money have reported to the Indian government that criminal gangs are increasingly relying on cryptocurrency for money laundering and smuggling.
The government has passed the Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 to avoid the need to rely on a plethora of rules in a way to suit the crime.
The SIT states, “We are having several laws or regulations, which are required to be strictly implemented. But the experience reveals that enactment of several laws or regulations are openly breached and could not be enforced by the enforcing agencies. Even if it is tried to be enforced, the result is a lot of litigations remain pending for years. To avoid such a situation, there is no alternative but to declare it as illegal transactions.’ Those who deal with cryptocurrency should be punished without any further proof.”
Despite the recent Bitcoin price crash, Mike Novogratz feels that the crypto revolution is going to happen. He stated, “What 2017 did, that crazy bull market, is it got people unrealistic expectations on how fast the blockchain revolution, the crypto revolution is going to happen. This is not like a backwater experiment anymore; this is part of the financial infrastructure. It’s time for the regulators to catch up.”
He further opined that there is a long way to go before the cryptocurrency can integrate into the mainstream market. Despite the price of Bitcoin being low in the current scenario, he expects the price to go up with the coming of institutional players into the market.
In his recent comments about Libra, he stated, “One thing that Libra did when Mastercard, Visa, PayPal, and Uber all sign up—it eventually credentialized crypto. And therefore every institutional player is looking at how do they get their foothold in. Since those guys move in, first to Bitcoin, and then to broader crypto, you know that’s what drives this next price move.”
No matter what, Bitcoin has now shattered the hopes of those who have been investing in it recently with its current crash; however, this is not something that should never it, it is common in a speculative market, but investors are disappointed.