The push back against crypto; the last struggle from an outdated system?

There have been several countries that have pushed back against crypto recently in what it seems like the last dying struggles of outdated giant. Just like legacy media has been engaged in a loosing battle for years now against online social media all old and new systems are bound to be in a fight for survival. Out with the old and in with the new might not always be a good thing but people will always gravitate to what is more efficient. As for the push back there were several newsworthy events.

Singapore restricting crypto ads with central bank declaring crypto unsuitable for general public

The sovereign island city-state of Singapore recently had its central bank, The Monetary Authority of Singapore (MAS) issue guidelines to discourage crypto trading as unsuitable for the general public. The central bank explained that companies should not market or advertise crypto services in public areas in Singapore or use third parties, such as social media influencers, to promote cryptocurrency services to the general public.

Loo Siew Yee, the assistant manager director for MAS policy, payments, and financial crime, mentioned how the national bank encourages the development and implementation of blockchain technology but emphasized that: "... the trading of cryptocurrencies is highly risky and not suitable for the general public. DPT service providers should therefore not portray the trading of DPTs in a manner that trivializes the high risks of trading in DPTs, nor engage in marketing activities that target the general public." The reasoning behind this decision is paved with good intentions as it mentions the volatility of prices and highly speculative nature of crypto as a reason to stay away. But cryptocurrency was invented with the idea to give power to the people back from the centralized system that we have now. If the general public will not be able to gain access to it, this will defeat the whole purpose of why this technology was invented in the first place.


Bank Alfalah asks customers to refrain from using crypto for transactions 

A major bank in Pakistan recently asked their customers via SMS alerts to avoid carrying out cryptocurrency transactions using its banking channels. This move was probably closely related to the country of Pakistan central bank which had recently summited a report to  the Sindh High Court recommending a complete ban on cryptocurrency. The message to the customers reportedly reads: "Dear Customer, Virtual currencies/coins/tokens, etc. are not legal tender, issued or guaranteed by the government of Pakistan and State Bank of Pakistan (SBP) has not authorized or licensed any individual or entity for the same. Kindly avoid conducting such transactions from any channel pertaining to Bank Alfalah."

These actions come after The Pakistan Federal Investigation Agency (FIA) recently issued a notice to Binance in connection with a massive scam that allegedly stole over $100 million from Pakistani investors. The federal watchdog also recently seized bank accounts of 1,064 people who had carried out transactions on crypto exchanges, including Binance, Coinbase, and Coinmama. But what these banks fail to realize is that crypto just like any other valuable was not created with any intention of aiding scammers and profiteers. In other words guns don't kill people, the people wielding them do.  


Australia warns against investing retirement funds in cryptocurrency

The Australian financial services regulator, the Australian Securities and Investments Commission (ASIC), has warned residents that self-manage their superannuation funds to be wary of scammers that are using the lure of quick and high returns offered by crypto assets to defraud unsuspecting victims. The warning was issued publicly on the 17th of January 2022 and in it ASIC also mentioned some of the most common tactics scammers use: "Do not rely on social media ads or online contact from someone promoting an ‘investment opportunity.’ Be wary of people ‘cold calling’, text messaging, or emailing you with a recommendation to transfer your super to an SMSF, or invest in crypto-assets via your SMSF." 

Since crypto is just now starting to integrate more and more with the general population, it is the perfect time for scammers who will bank on the lack of sufficient knowledge and information to trick people, especially the elderly. If it is just to protect against scammers then the recent moves by several banks and regulators seem to be welcomed. But in a rush to put out the fire let's make sure we don't topple the pot. Imposing to many bans, restrictions and regulations can seriously hinder the crypto ecosystem from propagating. Cryptocurrencies and blockchain technology will eventually still reach the general public, even with all the obstacles in front, it's just a matter of time. The longer it takes the more time the old system has to sink it's teeth and claws deeper in a desperate attempt to keep control over their massive power. 

Crypto job postings on LinkedIn increase by 400% in 2021

Despite the recent increase in scammers and distrust from some sources when it comes to crypto, in 2021 job postings related to blockchain and cryptocurrency have increased by a several folds. Just on LinkedIn there was reportedly an increase of over 400%. These were jobs posted by a very diverse number of companies, from banks, commercial and trading institutions to tech firms and online shops. Since the use of crypto can be so diverse and is starting to be preferred in several trading circles over regular currencies, job openings have to follow as a direct result. 

The field of crypto was in fact so popular that it outgrew even tech by a factor of 4 since tech only managed to increase by 98%. Crypto companies are even poaching executives and workers from other companies in finance and tech, as this field becomes more and more sought after. Traditional companies that dealt with digital currencies such as PayPal Holdings Inc. and JPMorgan Chase & Co and more have now created amid the crypto boom, subdivisions that deal specifically with blockchain and cryptocurrency technology. 


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