Today has been quite the day for me personally on my crypto journey. I had a few things come across my desk that's got me a little concerned, and I wanted to share my thougths about what happened with everyone here on chain...
Here's the first part...
So this is an email notice I got from Nexo this afternoon. Nexo was actually a platform I joined years ago and full disclosure here, I have no crypto within it anymore. I actually read the whitepaper for this project and it's token, and jumped into it.
But with all the drama a few years ago with Celsius and platforms similar to it, I thought it would be best to back out. That being said, they seem to play fair. Their issue is, the government of Canada is flip flopping when it comes to their crypto regulation.
More on this in a second....
The next issue that popped up was my recent withdrawals from Crypto.com
The behemoth crypto platform has been a steady performer for me. It's how I unload crypto into fiat when I need to pay the bills, and for years now it's been working flawlessly for me.
When you withdraw to a Canadian bank, they send you what is called an 'Interact' email transfer. This usually takes a few hours, but I have waited 2 days to get my funds every now and again.
My latest withdrawal was March 31st, and not for anything huge either. It was a few hundred bucks, but to my surprise....It still hasn't shown up. So I contacted the support from Crypto.com and they told me...
"We know there is an issue with withdrawing, we are aware and will be fixing it soon. Unfortunately, we don't have a timeline for when it'll be fixed..."
And that last bit really got my attention. We don't have a timeline...I get it, that's the standard answer and hopefully I'll be able to onboard and unload crypto to fiat to keep paying for the roof over my kids head lol
But this brings up a massive issue that I think is becoming all too familiar for people in not only Canada but America as well and around the world.
Governments seem to be shutting down, or making it VERY hard for the onramping of fiat to crypto and vice versa. And these companies are put into very tough spots. Most of them, play by the rules. But the governments either keep changing the laws or are not clear about what is above the board in their eyes.
How can they possible operate in this kind of environment?
Well, they don't. And that's the problem for a lot of us. Instead of bowing to the governments demands and flip flopping, they are literally packing their bags and moving to greener pastures. They will end up setting up shop in crypto friendly countries and build their businesses there.
This is a blessing and a curse in my opinion for anyone in crypto. Some of these countries are welcoming, and that's awesome...But the curse is all this development, entrepreneurial spirit and business will leave our economy.
Now the government will frame it as...
"We are protecting the consumer."
But you know and I know, who they are protecting....
This is a frustrating day for me, because I'm hoping for the best but preparing for the worst. And I know there will always be work arounds and ways to continue building with crypto in these countries.
But dang....Reality is, when big brother says you can't play anymore, they aren't joking around.
