Are the restrictions of the crypto industry useful?
Agree this is a rather ambiguous and atypical question. Many users are used to believing that the modern Internet needs exceptional freedom of work and lack of control over user operations. However, real numbers suggest otherwise. Earlier we wrote that India has lifted the bans on cryptocurrencies and is starting to actively invest in crypto industry. This truly positive development turned out to be ambiguous. For example, it is already known today that the number of digital fraudsters has increased dramatically in a short period of time. There are more dishonest users. That is why further we will consider how, in principle, reasonable bans and restrictions of the cryptoindustry are important. Let’s get started.
What’s going on in India?
The lifting of state bans has led to an increase in investment in the digital segment of the economy. New investors willingly started working with the Blockchain, began to boldly invest in the acquisition of Bitcoin and other currencies. After all, an asset authorized by the state is an excellent component of an investment portfolio. However, the growth in investment has sparked the emergence of new scams. Dangerous digital criminals did not keep themselves waiting and set about creating dishonest applications. Fictitious companies and Blockchain-related projects collected good sums and then disappeared.
For example, the most popular scam involved registering new exchanges. The convincing shell put the attention of Indians to sleep, users began to transfer money through the accounts of the platforms, pay commissions and duties. And then they faced account blocking and theft of their own money. The main blow fell on the wealthy citizens. Wealthy Indians have invested about $ 3.75 million in dishonest companies. And this is only from the beginning of March.
Disappointing figures, judging by the forecasts of experienced market users, will only grow. The cryptoindustry is developing, and with it – and fraudsters. That is why many believe that such a criminal sector of the economy should be regulated and limited in every possible way. Is it really? The answer is in the next section.
Should the crypto industry be controlled?
First, let’s note that control can be completely different. If we are talking about general bans on the use of the Blockchain, then they are meaningless. This is too popular and useful technology to be denied its merits. Finding a balance between security and an efficient economy is much more difficult. In some countries, especially those with rather low living standards, such as India, open access to digital money is expected to lead to an increase in crime. The problem is that poor citizens are beginning to look for any ways to make money, and therefore they seek to deceive their rich fellow citizens in a new way. In such states, it is likely that subtle displays of control make sense. In any case, at first, until citizens understand the merits of Blockchain and learn how to make money in crypto industry without cheating.
But in more developed countries, like China and the United States, bans are absolutely unnecessary. These countries can afford to put the blockchain and cryptoindustry into the hands of the people. Experienced businessmen can quickly tell a dishonest company from a reliable company. And hackers will understand that it is better to use their forces for honest earnings. After all, it is much more profitable and safer than rare hacks. So we urge everyone to support the honest name of crypto users and not engage in operations that discredit the dignity of digital money.
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