It has been a while since we last heard from the BTCC exchange. This cryptocurrency trading platform is still active, even though the Chinese government hasn’t taken kindly to CNY trading. To reclaim some of the limelight, BTCC is now (allegedly) organizing the first global march for cryptocurrency. It’s a noble idea, but one with a few unrealistic goals.
The BTCC March for Crypto
It has become evident that the cryptocurrency industry is facing a lot of scrutiny right now. Regulators all over the world want to do something about this new form of money. Even though such measures will bring more legitimacy to this industry, the short-term approach may leave much to be desired. As such, BTCC feels now is the time to take a stand in a global fashion.
More specifically, the company will supposedly host the world’s first global March for Crypto on April 1. This will occur at 4:01 AM EST as a measure to demand more governmental leniency toward cryptocurrency. Although it is very possible that this is a very early April Fool’s joke, some of the stated ideas make a lot of sense. Other aspects make absolutely no sense whatsoever.
It is commendable to see BTCC take a stand in favor of cryptocurrencies. However, a global march for crypto will not have much success. It is highly doubtful governments around the world will look at this initiative and suddenly decide to stop taxing cryptocurrency trades. That won’t happen until decentralized trading with privacy and anonymity becomes the new normal.
Additionally, there is no reason to think that governments will suddenly enact higher taxation of fiat currency transactions. That particular item is the first hint that this is an April Fool’s joke, although some people may still not be convinced. The company’s call to make Litecoin the official currency of the U.S. is a dead giveaway that this venture should not be taken seriously by any means.
Even though this effort is as fake as it can get, one has to acknowledge the company has the right idea. Cryptocurrency enthusiasts around the world need to make their voices heard when it comes to the regulatory measures that governments are trying to implement. This is our money we are dealing with, and a new form of value over which the government has no control. As such, taxing it seems counterproductive in every way, as it will automatically push more people into the illegal circuit to mask their tracks.
Rest assured this is not the last time someone will have this idea. It is certainly an appealing concept, but unless millions of people support it, there will be zero consequences to speak of. Only time will tell what the future holds for Bitcoin and other cryptocurrencies.