The beginning of the year 2021 has marked another successful year for the cryptocurrency and blockchain sector. What started off as a concept that was opposed by a majority of the financial institutions is now being accepted worldwide.
The platform has been gaining worldwide attention and is being adopted by all major countries in the world. There was a time when the cryptocurrency-blockchain industry was considered volatile that was constantly fluctuating. With time, the volatility and fluctuation factors have shifted from the crypto-industry to countries.
There are now several countries from around the world that are fighting to gain supremacy in cryptocurrency-blockchain adoption. Every day, a country makes a new announcement that is either in favor of or against the cryptocurrency industry.
When it comes to mass adoption related to crypto-blockchain, Russia is a country that is ahead of all other countries. It has been making a lot of progress in the cryptocurrency-blockchain sector as it has already provided cryptocurrencies a legal status in the year 2020.
Furthermore, the country has imposed strict regulations to keep the crypto-blockchain industry under control. So far, their cryptocurrency industry has no problems in the country and is somewhat welcome in the region. According to the latest reports, Russia has even gathered a huge amount of crypto-mining rigs that it has already deployed. With this, the country is set to achieve new heights and milestones in the crypto-blockchain sector.
Then there is India where there is a battle going on between the regulators and the cryptocurrency firms. According to the latest reports, the Reserve Bank of India (RBI) has proposed a complete ban on cryptocurrencies in the entire country. The proposal is currently undergoing consideration process at the Indian Parliament and the session is being held at the Lok Sabha.
However, there are speculations that the decision will go against the cryptocurrencies in the country. Furthermore, the RBI has also offered that it has worked on the framework of the digital asset and will be launching its own CBDC later in the current year. If the decision does go against cryptocurrencies, then a very strong resistance is expected from the crypto-community in the country.
Lastly, there is the United States of America where it seems that the cryptocurrency industry may start flourishing now. Ever since Donald Trump became the president of the US, the crypto-blockchain industry faced a very hard time from Trump’s administration.
However, as Biden has taken charge of the White House in mid-January, the crypto-industry is now expecting that it will get to thrive in the region.
Their crypto-sector in the US has really high hopes with Joe Biden and the U.S. Treasury Secretary, Janet Yellen that has recently been granted the position.
During her inaugural speech, Yellen remarked on the current position of cryptocurrencies but also shared her concern over its misuse by criminals and terrorist groups.