54 crypto currencies?

According to a recent report the number of Crypto currencies presently available is arond 54 and not 10 as was hitherto thought.

Refer article

Since the Bitcoin protocol is an open source protocol, it is possible for clones to be built by others. The key however is the “acceptability”. It is only when the crypto coin is accepted by a large community, it has any recognition as a “Currency”.

However this also means that it is possible for some of the countries to adopt a new crypto currency  Some of the larger countries can start their own cryto currencies. Each nation state may then  popularize it’s adopted crypto currency within its limited geographic environment with legal backing while denying at the same time legal recognition to other crypto currencies, making the chosen crypto currency a monopoly in the respective state.

This would create one crytpo currency for each geographical state and an inter national crypto currency exchange system much like a shadow system of the current physical currency system.

It would not be surprising if India becomes the first country to adopt such a model.

Naavi

Print Friendly, PDF & Email

About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
This entry was posted in bitcoin. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.