Tag Archives: crypto ban

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 to the crypto space. Although that had an immediate adverse effect on the market, with prices starting to...

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 condoned. Warjiyo made his statement in a virtual seminar held on Tuesday, warning all financial services providers to...

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 mining of bitcoin and digital assets. The move could protect local investors as, in his opinion, the crypto market...

Despite calling them volatile and energy-intensive to use as a means of payment, the Indian tech executive Nandan Nilekani advised the local government to accept cryptocurrencies as an asset class. He opined that the move would boost the country’s economy. Crypto Like a Commodity In a recent interview for the Financial Times, the Indian billionaire Nandan Nilekani – co-founder and chair of Infosys – appealed to the local authorities to embrace cryptocurrencies as an asset...

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 who tried to check for fresh updates from these Weibo crypto influencers were greeted with a message...

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 – The Guardian – reported today that ASA continued with its tough stance towards digital assets and banned the...

Governments wanting or being able to stop cryptocurrencies is “unrealistic at this point,” noted the former Chairman of the Smithsonian Institution – David Rubenstein. Furthermore, he outlined digital assets’ significant role in the financial industry and predicted that they are not going away. Governments Can’t Stop Crypto With the spectacular growth of the crypto market in the past year or so, numerous experts have broached concerns about a potential ban from world...

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 and businesses dealing in cryptocurrency will be subject to a higher level of scrutiny, given that the Treasury believes cryptocurrency...

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 experts outlined the uncertainty which reigns in it. But despite the current catastrophic situation in the Asian country, trading volumes in...

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? According to a local report, one of the main government institutions in Uzbekistan – NAFT – intends to lift some of...