Democracy is the power of the people. The source of this power is the people whose interests and rights are protected by the state. This form of political organization in the public is in most of the countries in the world. The same form of organization has the cryptocurrency market
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But what distinguishes these two concepts, which today in the modern world have become a reality? Let's look at this in more detail.
Cryptocurrency in the modern world
Today the cryptocurrency is an integral part of the life of most people and organizations. In this sphere, there is a large monetary turnover, which is not regulated by the Central Banks. The rate of this currency is not tied to the exchange rate of the state monetary system. Here all are equal and there are no intermediaries. Here everyone decides for himself - to buy, sell or hold.
This currency is anonymous. It is virtual, has no analogues and is accessible to all. But it becomes uncontrollable and unprofitable to the government. Controllability is the component of democracy, which puts electronic currencies today higher.
Control and restriction by the authorities
The authorities are sure that the cryptocurrency market needs to be controlled and even limited. They argue that electronic coins sponsor terrorism and they are used by criminals, and with the help of this money, taxes are hidden, illegal transactions are conducted, and hacker attacks occur. There are many reasons and all of them are only negative.
But is it not all this was a few years ago - before the advent of cryptocurrency? Is it possible that after their prohibition all this will stop? But just a few years ago, no one paid attention to the owners of electronic money. They considered that this was just a temporary and frivolous hobby and called it a "pyramid" and a "soap bubble". And while this circle of enthusiasts was small - no one really worried about it.
But now, when the cryptocurrency market has reached its peak of popularity and significance, the authorities are trying to closely monitor and limit it. And in some countries even ban. All these measures are introduced under the pretext of "caring for citizens," in whose hands, in fact, this power passes.
Mark Zuckerberg in one of his posts on Facebook also drew attention to this: "The Cryptocurrency takes power from centralized systems and transfers it to the hands of legitimate owners - ordinary people."
Not the most developed and rich countries of the world border and prohibit cryptocurrencies. For example, Bangladesh. Here, neither it nor the citizens live well. Here the government gives 12 years of prison to those who have something to do with the crypt. Along with Bangladesh are Bolivia, Vietnam, Kyrgyzstan, Ecuador. Looking at this list, all doubts about the future of the cryptocurrency are involuntarily dissipated. In the same list, China is also present. It needs to be placed separately, since it is one of the largest and richest countries in the world, but not the freest. And this is also very important.
How much does it really prohibit the use of cryptocurrency inside the state? Their prohibition is practically impossible. As already mentioned above - this currency is very anonymous. It implies the anonymity of personal data, without which law enforcement agencies are powerless.
The Democratic side
These prohibitions and restrictions are not necessary for countries with developed economies. They, on the contrary, are trying to use electronic coins to develop and strengthen their economies. A vivid example is Venezuela. It is in a state of severe crisis and the highest inflation in the world has introduced its national cryptocurrency - Petro. Today the whole world is watching the development of this event. Someone with distrust and criticism, and someone with huge hopes.
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In many countries, today the crypt successfully stands on a par with the national currency. For example, Japan. In this country, each owner of electronic money can freely use it to sell and buy.
And perhaps, indeed, this will become a revolution in the financial sphere? Perhaps the government should not introduce bans, but care about how to overcome corruption and crime. Despite the great influence and pressure from the authorities, the cryptocurrencies today occupy very high positions in the financial world. They can freely be an alternative to any other currency, as a more democratic. And no matter what kind of policy the authorities have in relation to the crypto-currency, the future is behind it.
Editor: Yuliya Soroka