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Witnessing the digital breakthrough

Thе third world is challenging USA in the cryptoverse

30 July 2018 15:21, UTC
Thе third world is challenging USA in the cryptoverse
By Oleg Koldaev, Catherine Lange

Amid the scandal that is partially related with the possible ban of the cryptocurrency in India (as reported earlier), the head of the Iranian Handicrafts, Cultural Heritage and Tourism Organization, Ali Aghshar Mounessan, offered the Indian ambassador in Tehran Saurbakh Kumar to create a joint fund for the exchange of cryptocurrency. According to Mr. Munesan, it can contribute to the development of cultural ties.

Iran's desire to create a joint crypto space with India is explained not only by the use of cultural ties. Еhere is a significant turnover between countries already, estimating around $ 16 billion a year. At the same time, in 2012 it was $ 13.7 billion, and by 2016 it was planned to increase it to $ 25 billion. As we can see, the declared indicators were not reached. "Thanks " to sanctions, of course. And the crypto, which is beyond the control of the superpowers, is a real way out for Iran.

However, the Indian government  "is not sure of the benefits" of the cryptocurrency. The dialogue between the two officials took place against the backdrop of the controversy related with Ripple, the company owning the cryptocurrency XRP, which intends not only to seize Indian crypto space but practically to monopolize the money transfer market.

"At the beginning, we wanted to distribute our cryptocurrency to the citizens of India, but we thought about it, and then we understood that there is a better option: to gain control over the three main banks of India, which will give us more than 80% of the market," said the company's senior vice president Ashish Birl.

To say that these words bothered the first persons of the second largest population in the world means to say nothing. And the response did not keep you waiting. The Government of India has appealed to the Supreme Court with a lawsuit to ban all the cryptocurrency in the territory of the state. September 11 in New Delhi will be a meeting of the Supreme Court, which decides: to be digital means of payment in the country or not.

Iran, on the other hand, is interested in the development of cryptomarket, at least as a countermeasure against US and European sanctions.

It is possible to present this public request as a simple, local diplomatic work. However, behind it there is a whole global phenomenon: here the cryptocurrency is as a means of equalizing the chances of players on the global economic platform. Gradually developing countries become leaders of cryptology. This is already a reality. The development of the digital economy is in no small measure facilitated by the sanctions imposed by the developed West on "backward closed authoritarian regimes." But these regimes, as it turns out, are not so backward, and, if it is necessary, open up everything new.

It is difficult not to notice that control of the global world of finance is literally floating away from the hands of developed countries. Iran is rushing to get into the crypto market, Venezuela has attracted $ 4 billion of investments for the project of cryptocurrency petro - there are many similar examples. There is a good old American proverb: "God created man, Sam Colt made them equal." But this time, instead of the iconic revolver, there is crypto.

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