The People’s Bank of China has shut down a local firm suspected of providing various software services to cryptocurrency businesses. As it happened during previous negative actions, the price of bitcoin fell rapidly after the news broke. In the latest statement on the matter, China’s central bank has closed down a firm called Beijing Tongdao...Read More
The financial analyst and Global Head of Equity Strategy at Jefferies – Christopher Wood – opined that the Chinese officials want no competition for its digital renminbi. That is why they enforced the crackdown on bitcoin and other cryptocurrencies lately. China Cares About its CBDC Not Carbon Footprint Christopher Wood – the prominent financial analyst...Read More
The Chinese crackdown on crypto continues to escalate with a new statement from the nation’s central bank banning more banks and payment providers from interacting with digital assets. CryptoPotato reported today that one of the country’s largest banks, the Agricultural Bank of China, had prohibited its clients from doing business with anyone even remotely connected...Read More
Despite the massive adoption waves surrounding cryptocurrencies in recent months, the Indonesian authorities have decided they want nothing to do with this emerging asset class. According to a recent report, the governor of Indonesia’s central bank, Perry Warjiyo, asserted that the use of cryptocurrencies as a payment method in the country would no longer be...Read More
Pieter Hasekamp, head of the central planning bureau CPB, opined that the Dutch government must ban digital assets. He further stated that a crypto collapse is inevitable. Cryptocurrencies Are ”Neither Money Nor a Financial Product” The director of the CPB Pieter Hasekamp urged the ruling cabinet of the Netherlands to officially forbid trading, possession, and...Read More
Just a few days after the world’s most populated nation blocked social media accounts of crypto influencers, all Chinese search engines have reportedly stopped showing search results for Binance, Huobi, and OKEx. According to a Chinese journalist, going by the Twitter handle Wu Blockchain, local search engines (such as Baidu and Sogou) have blocked queries...Read More
In a fresh attack on crypto-related activities in the country, the Chinese government banned social media accounts belonging to popular cryptocurrency proponents over the weekend. Reuters reported today that the attack was mainly aimed at crypto enthusiasts who have massive followers on the popular Chinese social media platform, Weibo. Judgement Day Per the report, users...Read More
The UK’s Advertising Standards Authority (ASA) banned the trendy ”time to buy Bitcoin” Luno ads. The country’s officials called them ”irresponsible” and sounded an alarm of caution for inexperienced investors. No More BTC Ads The UK’s Advertising Standards Authority introduced severe restrictions for the crypto space in the past year. The British daily newspaper –...Read More
All transactions above $10,000 now have to be reported to the IRS for documentation and taxation purposes. This comes right after a major market-wide correction which saw the price of bitcoin tumbling down to $30K. IRS Doubles Down The IRS will be expanded with an $80B package aiming to increase their manpower and resources. Individuals...Read More
The National Payments Corporation of India (NPCI) does not intend to block cryptocurrency trading. Instead, it plans to leave the decision to individual banks and thus they can determine their own risk level. NPCI to Pass the Decision to Local Banks The consequences of the COVID-19 pandemic caused colossal damages to the nation and many...Read More
The National Project Management Agency of the Presidency of the Republic of Uzbekistan, or NAFT, published plans to remove some of the crypto restrictions in the country. The government agency proposed to allow local residents to purchase digital assets for both domestic and foreign currency inside the former Soviet republic. Will Crypto Return in Uzbekistan?...Read More
Turkey’s government has introduced a new regulation that will prohibit cryptocurrency assets from being used as payment methods as of April 30th, citing significant risks. Nevertheless, banks are excluded from the legislation, meaning that users can still deposit the Turkish Lira on crypto exchanges through their banking accounts. Turkey’s Ban on Crypto Usage as Payment...Read More
After temporarily breaking the ice on bitcoin regulations, the Indian government is doubling down its efforts to restrain cryptocurrency use. A new bill on the way could place cryptocurrency holders and miners at risk of fines and possible jail time. New Indian Anti-Bitcoin Bill On the Cards A fresh Reuters report claims that India is...Read More
While some Chinese companies have purchased BTC and ETH, others, such as the social media giant Weibo, have reportedly halted the accounts of three of the largest crypto exchanges – Binance, Huobi, and OKEx. Weibo has justified its decision by outlining “abnormal practices” and breaching security risks. Weibo Targets Crypto Exchanges It may not come...Read More
India’s Finance Minister told CNBC that the country’s reserve bank is not shutting out cryptocurrencies entirely. She said that while the Reserve Bank of India will decide which unofficial cryptocurrencies will be used and regulated, there will be “a window for experiments” in the industry. New Lease Of Life For Bitcoin In India India’s minister...Read More
The first consequences from the FCA ban on crypto derivatives trading in the UK are evident for the popular digital asset exchange Bybit. The company announced earlier that it will suspend its services to all customers based in the United Kingdom. Established in 2018, Bybit is a cryptocurrency exchange headquartered in Singapore with a reported...Read More
Amid the clamor for nuanced crypto regulations in India, one billionaire investor appears not to be sold on the value proposition for cryptocurrencies and has advocated for a Bitcoin (BTC) ban. Bitcoin Hangover will be ‘Much Worse’ Speaking to CNBC on Tuesday (Feb. 23, 2021), Rakesh Jhunjhunwala, dubbed the “Indian Warren Buffett,” slammed Bitcoin, calling...Read More
News emanating from Nigeria reveals that the country’s central bank has allegedly placed a ban on buying and selling cryptocurrencies. A circular disseminated by the Nigerian Central Bank has revealed the apex bank’s intention to clamp down on bitcoin buying and selling. The Central Bank issued a memo signed by its Director of Finance and...Read More
The Government of India seems to have resumed its efforts to ban cryptocurrencies after a lull in a political and legal battle. The latest move by politicians came this week when they revealed a bill that could put any activity related to cryptocurrencies in checkmate. If Cryptocurrencies Are Legal, a Law Can Make Them Illegal...Read More
As Bitcoin cools from its recent all-time high, HSBC has become the latest banking giant to restrict what its customers can invest in by preventing them from transferring any profits from crypto exchanges to their bank accounts.ban According to a recent report in The Sunday Times, HSBC has blocked transactions to or from crypto exchanges...Read More
Before implementing the ban on cryptocurrency derivatives sales in the UK for retail investors, the FCA asked over 500 firms, trade bodies, and competent authorities on their opinion. Interestingly, the results decisively concluded that 97% of all participants didn’t agree with the prohibition. 97% Oppose The FCA Crypto Derivatives Ban UK’s watchdog, the Financial Conduct...Read More
President Vladimir Putin of Russia has signed a new law that will prohibit the use of cryptocurrency as a payment means in the country by 2021. Meanwhile, the Russian government recently deployed blockchain technology for its constitutional amendment. Crypto as Payment to Become Illegal in 2021 According to a report by local news outlet RIA...Read More
Following reports that Russia may introduce new legislation that would essentially criminalize cryptocurrency usage, a recent document revealed that the country is reviewing an updated version of the “Digital Financial Assets” (DFA) bill that excludes criminal allegations. No Prison In Russia For Cryptocurrency Usage? As CryptoPotato reported recently, members of Russian’s lower house (the State...Read More
Yesterday, in an online discussion with India’s leading cryptocurrency industry players, the country’s former Finance Secretary, Mr. Subhash Chandra, said that ‘crypto assets’ should be regulated, but with ‘rules.’ Garg previously headed the Inter-Ministerial Committee that drafted a draconian bill banning cryptocurrencies in India. Maybe We Can Try to Regulate it (Crypto) as a Commodity:...Read More
India saw a rapid increase in cryptocurrency trading amid the lockdown period, and after the Supreme Court overturned the Reserve Bank of India’s decision to ban crypto businesses, the Hindu reports. India’s Crypto Trading Volume May Be Up to $30M Per Day The strict social distancing rules, which were adopted at the end of March,...Read More
Brazil’s CVM Says no to Binance Futures Trading: In a statement released on Monday, the Comissão de Valores Mobiliários (CVM) — Brazil’s securities regulator — announced the ban on Binance crypto derivatives trading in the country. According to the CVM, Binance is not authorized to offer securities trading in Brazil. For the CVM, crypto derivatives constitute...Read More
According to recent reports, the Ministry of Finance in India has proposed to ban digital assets. The move comes only three months after the nation’s Supreme Court revoked a two-year-old ban. India Changes Its Mind On Crypto (Again)? A local report from today informed that India’s Ministry of Finance had moved a note for inter-ministerial...Read More
Founder and CEO of Social Capital, Chamath Palihapitiya, and current Los Angeles Clippers owner Steve Ballmer were the latest popular individuals to had their names involved in fake Bitcoin giveaways on YouTube. With the rising number of similar scams on social media platforms, the question remains on the potential consequences on the community and legitimate...Read More
Some of the most popular cryptocurrency-related channels on YouTube indicated that the giant video platform is shadowbanning Bitcoin videos. Several YouTubers complained that the new practice began two days ago, which coincides with a recent core update from Google. YouTube Reportedly Shadowbanning Bitcoin Videos The most widely used video-sharing platform has a continuous quarrel with...Read More
Last week’s decision from the Supreme Court of India to lift a two-year-old ban on cryptocurrency usage already has a positive impact on the local business scene. Kraken, a leading veteran U.S.-based digital asset exchange, announced plans to invest resources in the Indian market. Kraken Recommits To The Indian Market The veteran San Francisco-based exchange,...Read More
