Experts back govt's hard line on cryptocurrencies
3 years, 7 months ago

Experts back govt's hard line on cryptocurrencies

China Daily  

Chinese regulators have long seen cryptocurrencies, including Bitcoin and Ethereum, as crypto assets, instead of real currencies. China should maintain its hard line on controlling virtual currencies to prevent wild speculation that may cause major financial losses to investors, according to experts. Financial institutions, including online payment platforms, should not offer clients any service involving cryptocurrencies such as registration, trading and clearing and settlement, the statement said. In order to prevent market fluctuations that may hurt domestic investors, regulations are expected to be tightened to prevent financial risks, said Michael Taylor, a managing director of Moody's Investors Service. Li Bo, vice-governor of the People's Bank of China, the central bank, said planning is underway to improve the regulatory environment for alternative investments to ensure speculation won't result in serious financial risks.

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History of this topic

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained
1 month ago

Why Bitcoin, cryptocurrencies often face political heat? Virtual currency's legal status, its future explained

India TV News  

Amit intense poll battle in Maharashtra, just a day before crucial voting in the state assembly elections, the Bharatiya Janata Party alleged National Congress Party leader Supriya Sule and state Congress chief Nana Patole's involvement in a cryptocurrency fraud. The Reserve Bank of India too has been skeptical about the use of private crypto assets and considers it as a …

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies
1 month, 4 weeks ago

RBI Governor Shantikanta Das Warns of Huge Risks to Financial Stability from Cryptocurrencies

New Indian Express  

RBI Governor Shantikanta Das expresses concerns about cryptocurrencies, stating that they pose significant risks to financial stability. He argues that cryptocurrencies have the characteristics of money and could undermine the central bank's control over the monetary system. Das emphasizes the need for careful consideration and a cautious approach towards cryptocurrencies, considering the potential for instability and financial sector instability.

China's digital currency raises concern as wages of thousands of public servants moves to e-CNY
1 year, 7 months ago

China's digital currency raises concern as wages of thousands of public servants moves to e-CNY

ABC  

Starting this month, thousands of workers in a Chinese city will be paid their wages entirely in digital yuan, in what has been described by the central government as a "milestone" for the currency. Key points: The digital currency was first trialled in 2019 and is now able to be used in 26 cities across 17 provinces Authorities have been …

Binance CEO Zhao says don't fight crypto, regulate it
2 years ago

Binance CEO Zhao says don't fight crypto, regulate it

The Hindu  

Binance Chief Executive Officer Changpeng Zhao said on Friday regulation rather than opposition of the crypto sector is a better option for world governments as digital currencies become more mainstream. Regulation of crypto currencies has come into sharp focus following the collapse of several platforms, culminating in the crash of the FTX currency exchange earlier this month. It's better to …

Bubble in the air: The Hindu Editorial on the need for regulating cryptocurrencies
2 years, 6 months ago

Bubble in the air: The Hindu Editorial on the need for regulating cryptocurrencies

The Hindu  

The crash in the price of cryptocurrencies is a timely reminder to retail investors to stay far away from this highly speculative asset class. Since the supply of a lot of cryptocurrencies is limited by design, investing in them seemed like a good way to protect one’s wealth from inflation fuelled by central banks. There is little reason to believe …

As of 2021, Over 50 Countries Have Bans on Cryptocurrency
2 years, 11 months ago

As of 2021, Over 50 Countries Have Bans on Cryptocurrency

News 18  

Cryptocurrencies gained extraordinary popularity in 2021. In May 2021, the Asian country decided to ban Chinese financial institutions from providing services relating to cryptocurrencies. According to the Law Library of Congress report of November 2021, 51 countries have taken the step of banning cryptocurrencies, either implicitly or absolutely. In its report, the Law Library of Congress lists 103 countries that …

Be aware of bitcoin, other cryptocurrencies
3 years ago

Be aware of bitcoin, other cryptocurrencies

The Hindu  

Virtual currencies created using blockchain technology have been the subject of great speculation and discussion in recent times. Legendary investors Charlie Munger and Warren Buffet have gone as far as to call Bitcoin and other cryptocurrencies ‘rat poison.’ Before debating on whether to ban private cryptocurrency, it is prudent first to understand what cryptocurrencies are. Private cryptocurrencies being adopted as …

Govt may not ban cryptocurrencies, regulation likely: Reports
3 years ago

Govt may not ban cryptocurrencies, regulation likely: Reports

India Today  

Cryptocurrencies may not be completely banned in India and the government may create a framework to regulate highly risky virtual assets, as per multiple reports. The development comes at a crucial time as the government’s upcoming cryptocurrency bill has spooked investors and other stakeholders. Read | Cryptocurrency Bill: Raining on India's crypto parade A few days ago, Finance Minister Nirmala …

Why regulating cryptocurrencies is a big challenge for govt | OPINION
3 years ago

Why regulating cryptocurrencies is a big challenge for govt | OPINION

India Today  

Much has been debated over the cryptocurrencies that has posed a significant regulatory challenge to policymakers. As free people of free nations, one is free to buy anything that they want with their tax-paid money, and hence people are free to buy cryptos. But why did the rest of the world give credence to such a currency, to the extent …

Regulation, not ban: on cryptocurrencies
3 years ago

Regulation, not ban: on cryptocurrencies

The Hindu  

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

Cryptocurrencies are rubbish and a ban may save many from future shock | OPINION
3 years ago

Cryptocurrencies are rubbish and a ban may save many from future shock | OPINION

India Today  

Essentially there are two kinds of currencies: real and fictional. For example, a piece of bread can serve as a currency, like it had in the abject conditions of concentration camps, because it has a tangible and universal value. Cryptocurrencies right now -- and that includes big daddies like BitCoin and Ethereum as well as jokes such as DogeCoin and …

Explained | Why are so many investors rallying behind bitcoin?
3 years, 1 month ago

Explained | Why are so many investors rallying behind bitcoin?

The Hindu  

The story so far: Bitcoin, the most popular private cryptocurrency in the world, has been rallying this year, hitting an all-time high of over $66,000 last week. Bitcoin enthusiasts see the rise in the price as a validation of their belief that private cryptocurrencies are a viable alternative to fiat currencies such as the dollar and the rupee. Their core …

China's Sweeping Cryptocurrency Ban Was Inevitable
3 years, 2 months ago

China's Sweeping Cryptocurrency Ban Was Inevitable

Wired  

Every time Beijing announces a crackdown on their industry, the running joke among the crypterati is that China has already banned cryptocurrency 18 times. Chinese government agencies have issued a string of increasingly restrictive but never conclusive legal prohibitions of various aspects of crypto since 2013; all the while, China’s crypto industry has thrived. One outlawed cryptocurrency mining following an …

China's Top Regulators Ban Cryptocurrency Trading, Mining Projects
3 years, 2 months ago

China's Top Regulators Ban Cryptocurrency Trading, Mining Projects

The Quint  

"All the illegal financial activities are strictly banned and will be eliminated in line with laws," said the PBC, noting that those who committed crimes by engaging in relevant illegal financial activities shall be prosecuted for liabilities. The meeting signalled that a further crackdown on virtual currency trading and mining activities is part of efforts to fend off financial risks …

China's Top Regulators Ban Cryptocurrency Trading, Mining Projects
3 years, 2 months ago

China's Top Regulators Ban Cryptocurrency Trading, Mining Projects

The Quint  

"All the illegal financial activities are strictly banned and will be eliminated in line with laws," said the PBC, noting that those who committed crimes by engaging in relevant illegal financial activities shall be prosecuted for liabilities. The meeting signalled that a further crackdown on virtual currency trading and mining activities is part of efforts to fend off financial risks …

China bans cryptocurrency transactions
3 years, 2 months ago

China bans cryptocurrency transactions

The Hindu  

China's central bank has made all cryptocurrency transactions illegal in mainland China, the bank announced in a statement on September 24. In a statement posted to the People's Bank of China website, China's market regulators and the Ministry of Public Security said cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, …

Explained | What’s new in China’s crackdown on crypto?
3 years, 2 months ago

Explained | What’s new in China’s crackdown on crypto?

The Hindu  

China's most powerful regulators have intensified the country's crackdown on cryptocurrencies with a blanket ban on all crypto transactions and crypto mining. China's central People's Bank of China said it was illegal to facilitate cryptocurrency trading and that it planned to severely punish anyone doing so, including those working for overseas platforms from within China. The ICO rules also banned …

China says all crypto transactions illegal; Bitcoin tumbles
3 years, 2 months ago

China says all crypto transactions illegal; Bitcoin tumbles

Associated Press  

BEIJING — China’s central bank on Friday declared all transactions involving Bitcoin and other virtual currencies illegal, stepping up a campaign to block use of unofficial digital money. “Virtual currency derivative transactions are all illegal financial activities and are strictly prohibited,” the People’s Bank of China said on its website. Promoters of cryptocurrencies say they allow anonymity and flexibility, but …

China declares all cryptocurrency transactions illegal
3 years, 3 months ago

China declares all cryptocurrency transactions illegal

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

SEC’s Gensler says crypto investors need more protection
3 years, 4 months ago

SEC’s Gensler says crypto investors need more protection

Associated Press  

— The chairman of the Securities and Exchange Commission said that investors need more protection in the cryptocurrency market, which he said is “rife with fraud, scams and abuse.” Gary Gensler, appointed by President Joe Biden to lead the body that regulates securities markets, listed several areas where crypto needed to be reigned in or regulated, particularly with regard to …

Virtual currencies face more oversight
3 years, 6 months ago

Virtual currencies face more oversight

China Daily  

China is expected to issue tougher measures to intensify the crackdown on illegal mining and trading of virtual currencies, after the central bank reinforced a ban on related services provided by financial institutions, experts said on Tuesday. Virtual currency speculation disrupts economic and financial order, increases the risks of illegal and criminal activities, such as illicit cross-border asset transfers and …

Explainer | Why is China cracking down on cryptocurrencies?
3 years, 6 months ago

Explainer | Why is China cracking down on cryptocurrencies?

The Hindu  

The price of the world's most prominent crypto-currency Bitcoin has more than halved in the last two months after hitting a peak in mid-April. An inter-ministerial committee report in India two years ago, in fact, noted that in 2017 the government of China also banned trading between RMB and crypto-currencies. In under a year,the trades between RMB and Bitcoin had …

Virtual currencies pose a real threat
3 years, 7 months ago

Virtual currencies pose a real threat

China Daily  

The China Banking Association together with the National Internet Finance Association of China issued a notice on Tuesday forbidding financial companies and payment-service providers from running virtual currency-related businesses. The notice said virtual currencies have no real value support and their prices can be easily manipulated, creating bubbles and false assets leading to business failures. Unregulated growth of a virtual …

Bitcoin, Ethereum, Dogecoin and other cryptocurrencies crash after China crackdown
3 years, 7 months ago

Bitcoin, Ethereum, Dogecoin and other cryptocurrencies crash after China crackdown

India Today  

Bitcoin, Ethereum and Dogecoin crashed on Wednesday after China’s decision to ban banned financial and payment institutions from providing cryptocurrency services. Both Bitcoin and Ethereum witnessed their largest one-day drop since March last year on Wednesday. Elon Musk and Tesla snub Elon Musk and Tesla have been huge promoters of cryptocurrencies including Bitcoin and Dogecoin. His decision to not accept …

What Beijing's new crackdown means for crypto in China
3 years, 7 months ago

What Beijing's new crackdown means for crypto in China

The Hindu  

Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrency, marking a fresh crackdown on digital coins. Three financial industry associations on Tuesday directed their members, which include banks and online payment firms, not to offer clients any services involving cryptocurrency, such as currency exchanges, registration, trading, clearing and settlement. The ICO …

Cryptocurrencies are having a wild 2021.
54 years, 11 months ago

Cryptocurrencies are having a wild 2021.

Slate  

It has been more than a decade since Bitcoin set the stage for the popularization of new of cryptocurrencies and blockchain technologies. But as fortunes have been made and lost over and over again—Bitcoin just hit new record levels after Elon Musk announced that Tesla had invested $1.5 billion in the cryptocurrency and would soon accept it for payment—the slow …

The need to regulate cryptocurrencies is loud and clear
3 years, 11 months ago

The need to regulate cryptocurrencies is loud and clear

Live Mint  

In March 2020, in a magisterial judgement, the Supreme Court set aside a circular of the Reserve Bank of India that banned regulated entities from providing any service related to the purchase and sale of virtual currencies. Whether any product, service or activity merits regulation and supervision depends on the risk of potential market failures or externalities that could imperil …

Catastrophe or Virtual Gold? Bitcoin's Meteoric Rise Sparks Fresh Debate Amid Pandemic
4 years, 1 month ago

Catastrophe or Virtual Gold? Bitcoin's Meteoric Rise Sparks Fresh Debate Amid Pandemic

News 18  

Bitcoin’s rally above $15,000 has reignited debate over whether the cryptocurrency is so-called digital gold or a perilously risky bet as investors grapple with the coronavirus pandemic. “The migration toward digital payments and digital representations of value continues to accelerate, driven by the Covid-19 pandemic and the increased interest in digital currencies from central banks and consumers,” the company said. …

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