The change of attitudes by nations in approach with the blockchain technology and cryptocurrencies.

by Wirba Brice Divine Ransinyuy

As the coronavirus is taking a hard punch on the global communities, many countries are seeing their economy on an imaginable recession they could had never imagine happening to them in this era of discoveries and permanent and continuous innovation. Recession is affecting all nations, starting from the big to the smallest and it’s in this type of moments, one could easily see the shortness and limitless of humanity. Super powers like the United States of America and Russia are all being touched by thus sanitary as the impact of the economic life is so visible. These economic difficulties are due to the fact that many countries are on lockdown, making the economic life really hard for us, the rich as well as the poor.

Before the outbreak of this pandemic, many countries rejected the use of the blockchcain technology and cryptocurrencies like the Bitcoin, but since the outbreak of this hardened pandemic, many countries have changed their attitude and the view the blockchain technology and cryptocurrencies like a possible solution to this economic situation. Countries like India that did not want the complete implementation and establishment of cryptocurrencies have seen a turning point in their attitudes since there is no more the inflow of physical cash, there is now the need of digital money to flow while the country is on lockdown. This is a good example for countries to follow.

At the beginning of the year 2020, the supreme court of India decided to call out a blanket ban on trading cryptocurrencies issued by the Reserve Bank of India saw a change in behavior as the Covid-19 grew in spread and rapidity and as such called out on the slowing down of restrictions regarding the blockchain technology and cryptocurrency and as such, the Indian government has seen the importance of cryptocurrencies such international and national crisis.