Pi Network Core Team has hinted it’s open Mainnet may soon go live and the platform may be able to connect to other blockchains, but the sudden collapse of FTX could alter the plan for the mainnet debut.
As investors continue to walk out of the crypto industry, there are fears especially within the Pi community that the Core Team may delay the launch of the Open Mainnet as hinted two days ago through its tweet. Now some Pioneers especially those trading their goods for PiCoin are becoming worried if the crypto market trend continues this way.
The crypto industry started to decrease less than two weeks after the media was inundated with reports about the failure of the cryptocurrency exchange platform FTX, and it has continued to decline in the same manner through this week.
Investors now believing government’s fear on crypto
Some countries place ban on cryptocurrency out of concern that it might be used for illegal operations and other deceptive practices. Some economies worry that their control may be threatened at the same time. But the top three reasons why some governments are against cryptocurrency are as follows:
1. Loss of Control Due to Decentralization
Traditional or fiat currencies are subject to the control of governments. To manage the economy, they can alter the monetary policy. They can keep tabs on how money is moving throughout the economy, which generates profits and levies or taxes accordingly. However, this is not so with cryptocurrencies.
2. Crime Concerns
More and more criminals are turning to cryptocurrency as a potential option for illegal activities because of their decentralization and anonymity. These cryptocurrency platform are being utilized by cybercriminals to steal money from users. More gravely, the trade of weapons over crypto is also practiced by terrorist organizations.
3. A Threat to the Business of Central Banks
With the aid of central banks and financial institutions, the government manages the nation’s finances and economy. Many central banks have experienced economic losses as a result of the widespread use of cryptocurrencies, which ultimately costs the government income. As a result, both the government and central banks dislike cryptocurrency.