Blockchain 

No Official Ban on Cryptocurrencies in India Yet

India’s Minister of State for Finance Anurag Thakur has said that there is no law in India expressly prohibiting the use of cryptocurrencies. Local media outlet Inc42 reported Thakur’s statement on July 19,  The statement came during a recent exchange between a Member of Parliament (MP) and Thakur inside of Rajya Sabha — the “Council of States” or upper house of Indian legislature. MP Dharmapuri Srinivas reportedly asked Thakur about whether cryptocurrency was actually illegal. Srinivas apparently followed up his first question on legality with others on information and enforcement,…

Read More
Bitcoin 

Reasons Why US Government Won’t Ban Libra Cryptocurrency

Things are heating up for Libra: This week’s United States congressional hearings showed that many politicians are not convinced by the safety aspects of Facebook’s cryptocurrency project, as they grilled the social media giant on privacy- and trust-related issues. In response, Facebook keeps stressing Libra’s compliance with regulators and readiness to discuss possible frameworks. Meanwhile, a drafted bill titled “Keep Big Tech out of Finance” surfaced right before the testimonies before Congress took place. So, does the U.S. government have the power to terminate Libra — which is something Rep.…

Read More
Ethereum 

‘Pathetic and Corrupt’ — Tim Draper Slams Proposed Bitcoin Ban in India

Bitcoin (BTC) proponent and Tezos investor Tim Draper hit out at the Indian government on Twitter July 16 after alleged evidence appeared it was preparing to ban cryptocurrency.  Draper Appears To Mistake Draft Law For Genuine Ban In a strongly-worded message, Draper, who recently took Bitcoin advocacy to Argentina’s government, called Delhi “pathetic and corrupt.” “People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership,” he wrote.  The comments attracted immediate pushback from Twitter users,…

Read More
Bitcoin 

Leaked Draft Bill Would Ban All Crypto Except ‘Digital Rupee’

Draft legislation that would allegedly impose a ban on the use of cryptocurrencies in India is being circulated by local blockchain legal experts on social media. An unverified document published to Scribd by tech lawyer Varun Sethi on July 15 appears to reveal a draft bill entitled “Banning of Cryptocurrency & Regulation of Official Digital Currencies.” Even if authentic, the bill will not allegedly be debated during the 2019 Monsoon session of the Indian parliament, according to one local crypto industry figure. Running at 18 pages, the document proposes a…

Read More
Blockchain 

BTC Peer-to-Peer Trading Rises Amid Ban on USD in Zimbabwe: Report

Bitcoin (BTC) trading in Zimbabwe has continued to surge after the government banned the use of foreign currencies on June 24, business news agency Quartz Africa reported on July 10. The country is reportedly seeing a rise in peer-to-peer (P2P) crypto trading as there are no local exchanges offering cryptocurrency transactions due to the existing ban on providing such services enacted by Zimbabwe’s central bank in May 2018. Since Zimbabwe recently re-introduced its local currency, the Zimbabwe dollar (ZWD), after abandoning it in 2009, Bitcoin has apparently become a more…

Read More
Cryptocurrency 

FCA’s Ban on Crypto Financial Instruments Affects UK Retailers

Earlier today, the UK’s market regulator, the Financial Conduct Authority (FCA), announced a proposal that would ban financial instruments linked to digital cryptocurrencies. The regulator has warned that such instruments using cryptocurrencies could incur huge losses for retailers who don’t understand the great risks associated with using them. The FCA’s Ban Proposal The FCA is targeting products such as derivatives and exchange-traded notes (ETNs), in particular, but it is also suggested that crypto-assets themselves simply didn’t suit small investors. It cited cryptocurrencies’ “extreme volatility,” ambiguous value, and the lack of public knowledge…

Read More
Ethereum 

British Regulator FCA Prepares a Potential Ban of Crypto CFDs for Retail Investors

British financial watchdog, the Financial Conduct Authority (FCA), is preparing a potential ban on the sale of crypto derivatives to retail investors, according to an official document released on July 1. In the document, titled “Restricting contract for difference products sold to retail clients,” the FCA revealed that the regulator will soon publish a consultation paper (CP) on a potential ban on crypto derivatives such as bitcoin (BTC) futures and other crypto-related trading products. The FCA wrote: “We will shortly publish a CP on a potential ban on the sale…

Read More
Blockchain 

Conglomerates’ Deep Pockets Continue Blockchain Growth in S Korea Despite Crypto Ban

Unlike in other countries, where startups are at the heart of blockchain development, the South Korean blockchain landscape has “chaebols,” large, family-owned business conglomerates in Korea, at its heart. Just about every month, reports and announcements of large South Korean companies — including Samsung, Naver and NHN, just to name a few — entering into the blockchain space emerge. Still, South Korea is one of the most advanced markets in the blockchain and cryptocurrency industry. The first indication comes from how dominant Korean exchanges were during the crypto bull run…

Read More
Bitcoin 

Canada: Vancouver Mayor Suggests Ban on Bitcoin ATMs

The city of Vancouver, Canada, is considering banning bitcoin (BTC) automated teller machines (ATMs) due to money laundering issues, the Next Web reported on June 5. The mayor of Vancouver, Kennedy Stewart, has reportedly suggested a complete ban on bitcoin ATMs in connection with the increasing number of money laundering cases. A police report cited by the Next Web claim that criminals could purchase a bitcoin ATM for their own needs for a few thousand dollars, and then deposit their cash into that ATM “as many times as required” to…

Read More
Bitcoin 

Reserve Bank of India Denies Knowledge, Involvement in Draft Bill to Ban Crypto Entirely

The Reserve Bank of India (RBI) has denied having any knowledge or involvement in a draft government bill that would ban cryptocurrencies, an official document released on June 4 shows. Varun Sethi, a lawyer specializing in blockchain, filed a Right to Information request with the RBI following a report by India media outlet the Economic Times in April that suggested several government departments have backed a complete ban on the “sale, purchase and issuance of all types of cryptocurrency.” Although the RBI refused to answer some of Sethi’s questions, the bank confirmed it has had no…

Read More