Ban on cryptocurrency

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. China is one of the world's largest crypto-currency markets. Fluctuations there often impact the global price of crypto-currencies. It is the latest in China's national crackdown on what it sees as a volatile, speculative investment at best - and a way to launder money at worst. Trading crypto-currency has officially been banned in China since , but has continued online through foreign exchanges. However, there has been a significant crackdown this year.

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Content:

• Chinese banks promise to step up cryptocurrency ban
• Move to ban cryptocurrency payments aimed at safeguarding financial stability
• Why is the Indian government cracking down on cryptocurrency?
• Top Russian MPs Dismiss Central Bank’s Calls for a Crypto Ban
• Proposed Russian Crypto Ban Eases Risks, but May Curb Innovation
• Instead of a ban, India now wants to tax crypto at 30% and make it legal tender

WATCH RELATED VIDEO: China Bans ALL Crypto, The End For Bitcoin?

Chinese banks promise to step up cryptocurrency ban

Regulators appear to worry that despite the ban on Chinese banks and other institutions handling cryptocurrencies, the state-run financial system might be indirectly exposed to risks. Beijing also worries users might evade efforts to monitor and control the financial system. The four major state-owned commercial banks and payment service Alipay promised to step up monitoring of customers and block use of their accounts to buy or trade crypto-currencies.

Promoters of cryptocurrencies say they allow anonymity and flexibility, but Chinese regulators warn that might aid money-laundering or other crimes. Regulators tightened prohibitions against handling cryptocurrencies in and publicly reminded banks about their potential risks in May, possibly reflecting concern cryptocurrency mining and trading was continuing.

Regulators in several Chinese regions have ordered cryptocurrency mining operations to shut down. The Chinese central bank is developing an electronic version of the country's yuan that could be tracked and controlled by Beijing.

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Move to ban cryptocurrency payments aimed at safeguarding financial stability

Home Cryptocurrency Ban. Cryptocurrency Ban. India will be getting its blockchain-backed digital currency this year, Finance Minister Nirmala Sitharaman said in her Union Budget speech on February 1, While Sitharaman did not announce any plans of banning the crypto sector, she did reveal a tax on c A fresh agenda for the Lok Sabha has skipped the mention of crypto ban suggestions. The offline lecture will be hosted inside the Parliament library in Delhi. The Cyberspace Administration of China CAC has announced the launch of a nationwide effort to speed up blockchain development and innovation across 15 zones and entities within the country with the aim of large-scale implementation of blockchain technology across businesses and government organisations in China.

Why is the Indian government cracking down on cryptocurrency?

Crypto firms in India have also experienced a successful year since the lockdowns in March The current move poses a threat to the future of this industry. It is meant to allow the use of blockchain technology, which is the underlying tech behind cryptocurrencies, but many expect that it will make the use of currencies like Bitcoin and Ethereum illegal in the country. Also Read How India can fight vaccine hesitancy. Its success will depend on the details, particularly the definition of what the bill calls 'private cryptocurrencies'. This is not a common term. Bitcoin is not privately owned by anyone. They argued that cryptocurrencies instead are similar to assets such as gold. The industry has urged the government to consult stakeholders before coming to a decision. India has considered banning cryptocurrencies once earlier.

Top Russian MPs Dismiss Central Bank’s Calls for a Crypto Ban

Which will determine the future of the market? Russian Deputy Prime Minister Dmitry Chernyshenko has reportedly signed a roadmap to regulate crypto operations in Russia. Although Russia has stopped short of completely stifling operations inside its borders, the latest events follow a broader trend of nations struggling to embrace cryptocurrency. Future bans or regulations will determine the future of the industry.

Proposed Russian Crypto Ban Eases Risks, but May Curb Innovation

Government Has Taken Notice. Here's What Investors Should Know. Ethereum Just Hit a 6-Month Low. Upgrade Bitcoin Rewards Card: 1. John Puterbaugh is a journalist with more than 10 years of experience leading editorial teams in personal….

Instead of a ban, India now wants to tax crypto at 30% and make it legal tender

The Central Bank of Russia had proposed a blanket ban on crypto just recently, however, there has been a change of plans. The Russian Government has now initiated a formation of a roadmap that will be responsible for introducing restrictions on cryptocurrency. This roadmap in a way will facilitate an adoption with adequate curtailment of cryptocurrency, this will help to keep financial instability at bay. The roadmap is approved by the Russian Government and shall be presented to the public by the end of this year. The working group members were from finance, digital, and even interior ministries along with the Central Bank, FSB, and the security service department. What this roadmap seeks to provide is a regulatory framework within which the cryptocurrency market would operate. The Central Bank, through this roadmap, believes in having a regulatory and restrictive framework for cryptocurrencies. This change in stance comes after Putin insisted on arriving at a consensus regarding this matter.

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Are you a techie who knows how to write? Then join our Team! English native speakers welcome! German-English-Translator - Details here English native speakers preferred. The hackers who tweeted that India has accepted Bitcoin as official currency from Prime Minister Narendra Modi's account may have been on to something, after all.

The Bank of Russia called Thursday for reinforcing the ban on cryptocurrency payments. The Russian central bank proposed Thursday cracking down on cryptocurrencies, a move which if adopted could disrupt the burgeoning virtual money sector as Russia is one of the largest crypto-mining nations in the world. Russian authorities have for years criticised cryptocurrencies over fears they can be used for illegal activities and have called for regulation. Authorities granted cryptocurrencies legal status in , but their use in payments was never authorised. The Bank of Russia called Thursday for reinforcing the ban on cryptocurrency payments, banning cryptocurrency mining , and tightening laws on trading virtual money.

Turkish citizens recently flocked to crypto-assets amid a steep fall in the value of the Turkish lira and high inflation, causing a boom in the cryptocurrency market. Investors see crypto assets as a safe haven. Experts said Turkey was opting for new ways to curb unrecorded transactions and impose a central control mechanism.