One bans, the other promotes

The Reserve Bank of India (RBI) has decided to place a ban on cryptocurrency dealings. As expected, every investor has made a mad dash to their exchange wallets and tried to sell off all their virtual currency holdings. With this move by the top bank in India, what would be the impact on prices? In the past, when China decided to crackdown on cryptocurrency mining activities, the world saw a huge drop in the price of Bitcoin as well as other altcoins. The move by the South Korean government to “regulate” cryptos also saw a drop in market capitalization by almost half it’s previous value.

Source:https://pixabay.com/en/rupees-bank-note-india-pay-economy-587271/

Now, the question remains how badly will this move by the premiere bank in the second most populous country in the world affect the world of digital currencies? It will definitely be bad at first, but the bounce back will be even sweeter. The centralised bodies are banding together and fighting against the masses but there is strength in numbers.

Source: https://pixabay.com/en/copper-wire-cable-scrap-metal-72062/
From one government banning cryptos, to another one embracing it. Chile’s National Energy Commission has launched an Ethereum-Based Pilot to record energy data. The country’s energy regulation authority, Comisión Nacional de Energía de Chile (CNE) announced a project which was developed on the basis of the Ethereum Blockchain network. This new initiative will address the problems associated with a centralized database, which include vulnerability to what they refer to as "man-in-the-middle (MITM) attacks”. The organization’s plan for this disruptive technology is for it to be one that will store data in several servers and provide real time access to information. Their preventative plan to safeguard against errors is to first store the data in an Open Energy database, run the data through a verification process before it is placed on the Ethereum network.

After the never ending stream of governments and organizations banning crypto currencies, it is refreshing to see a forward thinking.

One bans, the other promotes | Ecency