The central bank of the Maldives, issues a warning to its citizens in the latest crypto news, saying that citizens to be cautious of advertisements that show up on social media related to cryptocurrency trading.
The Maldives Monetary Authority stated in a press release that members of the public should be wary when transacting cryptocurrencies because they are the only agency that is responsible for licensing exchange businesses.
The bank also noted no other permit has ever been issued to any organization that is authorizing the use of cryptocurrencies for financial transactions.
They wrote in a statement:
‘’No party has been granted permission to conduct any financial transactions using cryptocurrencies or other virtual currencies in the Maldives. Furthermore, the issuance of any legal tender by any other party is against the law.’’
The Maldives Monetary Authority isn’t the only one that has an anti-cryptocurrency stance. For example, just this week the central bank of Zambia stated that cryptocurrencies aren’t recognized as legal tender in the country. Also, the central bank of China noted that investors should avoid speculating in cryptocurrencies, but China despite the ban on all ICOs, trading in the country has remained the same.
Other banks that have taken this stance include the Central Bank of Laos and the Central Bank of Samoa. Both of these banks stated that cryptocurrencies do not have a legal tender status.
However, not all banks have the same attitude towards cryptocurrencies and some are even extremely supportive of this sector. For example, the Monetary Authority of Singapore indicated that they would gladly assist domestic crypto exchanges into and other crypto startups as a way of fostering this sector in the country.
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“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players.”Karpovich also responded to a question regarding how far the eCommerce industry is from using crypto to facilitating payments. He explained that blockchain - the underlying technology of cryptocurrencies - will be used to facilitate payments behind the scenes. However, he also added that according to him, blockchain won't have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted.When asked about his anti-crypto sentiment - which is somehow shared in the JPMorgan circles - Karpovich said that there is a difference between adopting blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he concluded.
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‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
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