India's Potential Crypto Ban & TransitNet's Vision for Title
Did you hear? India's government is considering an outright ban of crypto assets.
That's right, lawmakers in India are considering a bill that would create a digital rupee (government fiat) while banning all private cryptocurrency.
It's not the first time that the world's 2nd most populous country has tried to ban crypto:
The RBI, India's central bank had previously outlawed trading of cryptocurrencies, but the Supreme Court overturned the regulation in 2020.
While it's too soon to know exactly how this will play out, I think it's yet another sign that government regulation of crypto is ramping up around the world.
We recently shared a video discussion here on WeFunder in which TransitNet Architect Will Coleman and I talk about proposed regulation of self-hosted wallets here in the U.S. As Will pointed out, voluntary industry-created solutions are often the best way to solve problems and abate the need for more regulation.
That's one of the reasons we started TransitNet.
🔹 We believe the creation of a voluntary title registry for crypto will help the industry in a number of important ways.
🔹 Title would give the option to individuals and businesses to convert their crypto from a bearer asset to a titled asset.
🔹 And if ownership can be proven, assets can be insured, accurately counted, and otherwise protected.
Title doesn't solve every problem, but it is a key piece of infrastructure that can help the industry mature, drive adoption, and perhaps even stave off potentially excessive regulation.
If you're curious to learn more, you can visit TransitNet's WeFunder profile to read about the company and our financing round.