The rise of cryptocurrencies in recent years has provided great opportunities for growth and success for many coin holders. Consequently, when there are frequent instances of individuals rapidly accumulating wealth, governments tend to notice and become concerned. The role of many governments globally has historically been focused on maintaining stability and restricting perceived imbalances. Usually the wealthiest and most influential members of society tend to have the resources to be exempt from government controls, while the majority of society is often restrained from rapid growth.
An example of this dynamic can be seen in India, which has experienced a boom in crypto projects in recent years. Politicians just proposed a bill in the Indian legislature that seems at first glance to suggest their desire to prohibit private cryptocurrencies and would only permit a public, state-issued digital coin. This bill comes in response to a ruling by India’s Supreme Court that permitted crypto coins. It seems that if this bill becomes law, it would supersede any judicial rulings and be final.
An Indian politician later clarified that the goal of this bill is to stop the use of crypto for illegal activities and for use as payments.
“The government does not consider cryptocurrencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Minister of State for Finance Anurag Singh Thakur said during a question-and-answer session.
This bill brings up many questions, including what is considered a public versus private digital coin. Some argue that Bitcoin and Ethereum are public coins since there is no centralized authority issuing or managing their supply and they are widely used globally. They are also open to the public for purchase and their ledgers of transactions (aka blockchains) are publicly verifiable.
This story highlights the value of private jurisdictionless digital coins like META 1 Coin. Cryptocurrencies that are based in jurisdictions with regulatory frameworks are subject to potential government risks. However, global jurisdictionless digital coins like MTEA 1 Coin do not accept contract attempts by governments, as it is a truly global coin for Humanity and is not based on any particular nation’s boundaries of citizenship and limitations.HumanH
We also see how quickly public exchanges recently delisted the digital coin XRP after it was sued by a government agency, even though the case is still pending. Innocent until proven guilty apparently does not apply to crypto. As governments attempt to further restrict cryptocurrencies, it will be increasingly important to utilize jurisdictionless coins like META 1 Coin to minimize the risk of being restricted.