Crypto is digital money and now we get to see a lot of countries going ahead and allowing the option to pay through crypto. This is the time when some countries are bullish on crypto and they are enabling many options where crypto can be used to pay for goods and services. Still, there are countries where the crypto possibilities are very limited because the government is not in favour of crypto and they have put restrictions in place for crypto adoption. Many countries are on the same list and India is one of them that has not allowed two payments in the country. This is because they are more concerned about their fiat currency and they dont want any other instrument to come into place and affect their fiat economy.
I believe that more use cases for crypto is good because this will contribute to more adoption. The former president of the United States Donald Trump will be accepting cryptocurrency for donations. This is the first time when I'm hearing that any political party has come forward to accept crypto as part of the donation but I think it's a good start. This is a good start because this very encourages more parties to come forward and accept crypto as donations. This means the partner is encouraging the crypto industry and once they are in power then Crypto will be supported by the party or by the government. As per ex-president Donald Trump, they are building a crypto army so this and hopefully if he comes into power then things are going to be better in the US but for the industry.
Supporters of former President Donald Trump can donate using “any cryptocurrency accepted through the Coinbase Commerce product,” his campaign said in a press release.
Political donations are quite common in many countries and businesses do this type of donation to support the party and they also get certain benefits for this type of donation. Idly a bigger amount is donated to political parties and if crypto is going to be used in the magazine it can also create more demand for crypto in the market. Coinbase is going to be used for this price for Donald Trump and it will support almost every crypto available in the market. The Crypto donations will be considered as a contribution or as a gift. The campaign will be able to do whatever they want if they want to liquidate or they want to hold it for long. As the market grows the value of these crypto is going to be but the campaign is free to make decisions whatever they want.
This type of initiative is hard to expect in India as of now because the government is not at all in support of crypto but some other organisations are trying to enter this segment. Recently security and Exchange Board of India asked the government that they want to regulate and oversee the crypto market in India however they also recommended that some parts of it should be managed by RBI. At least now in India, the government is talking about crypto which I think is a big achievement because there was a time when the government was considering crypto as an illegal asset and they were talking only negatively about Crypto.
Its strange that countries like ours have gone ahead and are making crypto as a legal donation for political parties but in India we can't even expect to pay crypto in such a way. Paying for goods and services is an option where RBI does not want Crypto to be involved and this is why since the beginning RBI has always been against Crypto in India. Even now when the taxation is in place RBI still follows the same stand that Crypto is not good for the country and its sad that they do not want to explore it before giving such a statement about Crypto and its innovation in the market.
Thank you
Posted Using InLeo Alpha
