Bitcoin trading 'could be banned in China' as threat of Asian market crackdown pushes down price
5 years, 4 months ago

Bitcoin trading 'could be banned in China' as threat of Asian market crackdown pushes down price

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy China is planning to cut off domestic access to platforms and exchanges that enable people to trade digital currencies, it has been reported. Bitcoin and all other major digital currencies plummeted after it emerged that trading could be banned in South Korea. Speculation around the Chinese government’s plans for a major bitcoin crackdown have likely also contributed to the huge declines that have happened across the board. Like it here for the latest on how people are making money – and losing it It is considering cutting off access to online services – both foreign and homegrown – that allow people to trade digital currencies, such as exchange websites, reports Bloomberg.

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History of this topic

Bitcoin, other cryptocurrency prices crash: Key things desi investors must know
2 years, 10 months ago

Bitcoin, other cryptocurrency prices crash: Key things desi investors must know

India Today  

Prices of Bitcoin and major cryptocurrencies fell on Friday as investors' appetite faded after Russia stepped up its attack in Ukraine. Bitcoin was trading at just over $41,400, down by 4.72 per cent. The second largest cryptocurrency by market capitalization, Ethereum, was down by 6.18 per cent at $2,730. Other cryptocurrencies, XRP was down by 3.65 per cent, Solana fell …

As of 2021, Over 50 Countries Have Bans on Cryptocurrency
3 years 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 …

Govt may not ban cryptocurrencies, regulation likely: Reports
3 years, 1 month 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 …

Regulation, not ban: on cryptocurrencies
3 years, 1 month 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 …

Cryptocurrency crash: Bitcoin, Ethereum fall in value. Here are possible causes
3 years, 1 month ago

Cryptocurrency crash: Bitcoin, Ethereum fall in value. Here are possible causes

Hindustan Times  

Bitcoin prices fell to their lowest rates since October 13 on Tuesday evening, according to data sourced from CoinDesk – a New York-based news site specialising in cryptocurrencies - that cited a number of factors behind the crash. According to the website, Bitcoin's value depreciated to $55,460.96 last evening, an additional 20 per cent slump from the all-time high of …

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options (No.240, 2021)
3 years, 2 months ago

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options (No.240, 2021)

China Daily  

Controversies on Trials of Digital RMB by China’s Central Bank: Policy Options 2021-10-29 By Chen Daofu & Zhang Jiaming, Research Institute of Finance, DRC Research Report, No.240, 2021 2021-9-2 Abstract: The pilot research and development of digital currency made by China’s central bank, the People’s Bank of China，is among the top list of the world, the performance of which has …

China flooding exposed risks in Beijing’s plan to launch digital currency
3 years, 2 months ago

China flooding exposed risks in Beijing’s plan to launch digital currency

Live Mint  

When flooding inundated a central Chinese metropolis over the summer, the calamity dented a key plank of the country’s much-watched bid to replace paper money with digital currency: reliability. The central bank says the e-CNY—the digital yuan’s official name—had been tested in more than 70 million real-world transactions since early 2020, with no sign of major snafus in the technology. …

China's Sweeping Cryptocurrency Ban Was Inevitable
3 years, 3 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 …

Chinese regulators are serious about banning crypto this time
3 years, 3 months ago

Chinese regulators are serious about banning crypto this time

LA Times  

Chinese officials have taken steps for months to crack down on cryptocurrencies, with mixed effects. Almost immediately, the popular offshore exchange Huobi stopped allowing new users to register with a mainland China phone number and in a statement Sunday said that it would “gradually retire existing mainland China user accounts” by Dec. 31. “While this is not a surprise as …

China bans cryptocurrency transactions
3 years, 3 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, 3 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, 3 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 {{ …

Five Countries That Have Banned Cryptocurrencies
3 years, 3 months ago

Five Countries That Have Banned Cryptocurrencies

News 18  

With cryptocurrency trend raging on like wildfire across the world, everyone wants to get into the game. While in India, the system is letting these volatile currencies breathe, there are some countries that have completely closed their doors on cryptocurrency and have imposed a stringent ban on these digital tokens. To deal with the crypto giants like Bitcoin, China even …

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 …

Bitcoin Drops below $35,000 As China Intensifies Crackdown. Know Top Cryptocoin Prices Today
3 years, 6 months ago

Bitcoin Drops below $35,000 As China Intensifies Crackdown. Know Top Cryptocoin Prices Today

News 18  

Bitcoin plunged on Monday amid a nationwide crackdown against cryptocurrency mining in China. The world’s largest cryptocurrency dropped 1.17% to $34,998.68 as of 0815 hours IST on June 21 on coinmarketcap.com Index. About 65% of the world’s Bitcoin mining took place in China as of April 2020, according to an estimate by the University of Cambridge. The analysts cited China’s …

Crypto miners halt China business after Beijing cracks down, bitcoin dives
3 years, 7 months ago

Crypto miners halt China business after Beijing cracks down, bitcoin dives

The Hindu  

Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling. "Meanwhile, we're contacting overseas service providers, to pave way for exports of mining rigs in the future," Huobi Mall said via its official Telegram community, and asked …

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 …

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 …

Coindesk and CoinMarketCap cryptocurrency trackers crash as Bitcoin, Ethereum, and Dogecoin collapse
3 years, 7 months ago

Coindesk and CoinMarketCap cryptocurrency trackers crash as Bitcoin, Ethereum, and Dogecoin collapse

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. The websites’ crash comes amid another crash of cryptocurrency values; bitcoin, ethereum, and other digital currencies dropped …

Bitcoin slides below $40,000 after China's fresh crypto curbs
3 years, 7 months ago

Bitcoin slides below $40,000 after China's fresh crypto curbs

The Hindu  

Bitcoin tumbled below the $40,000 mark on Wednesday hitting a 3-1/2 month low and dragging down other digital coins after China imposed fresh curbs on transactions involving cryptocurrencies. Bitcoin's moves hit other crypto assets too, with Ether, the coin linked to the ethereum blockchain network, falling 15% to $2,875.36, while meme-based dogecoin tumbled 18%, according to market tracker Coingecko. More …

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 …

China Bans Financial Firms Providing Crypto-Related Services, Warns Investors Against Speculative Trading
3 years, 7 months ago

China Bans Financial Firms Providing Crypto-Related Services, Warns Investors Against Speculative Trading

ABP News  

Beijing: In an attempt to curb the growing digital trading market, China has gone ahead and banned financial institutions and payment companies from providing services related to cryptocurrency transactions. As per the news agency Reuters, the latest ban directs institutions, including banks and online payments channels, not to offer clients any service involving cryptocurrency, such as registration, trading, clearing and …

Bitcoin plunges below $40,000 as China widens its crypto crackdown
3 years, 7 months ago

Bitcoin plunges below $40,000 as China widens its crypto crackdown

CNN  

Hong Kong CNN Business — Bitcoin and other cryptocurrencies are plunging as anxiety spreads through the market — this time, after China took more steps to crack down on the digital coins. The world’s most heavily traded cryptocurrency plunged as low as $30,202 per coin early Wednesday after starting the day around the $40,000 mark, according to data from Coindesk. …

China's furtive bitcoin trade heats up again
3 years, 10 months ago

China's furtive bitcoin trade heats up again

The Hindu  

Bitcoin's 300% price surge since October has revived China's grey market in cryptocurrency trading, putting regulators on alert over financial risks and capital outflows as volatility spikes. China's securities market watchdog told its regional bureaux last week to adopt tighter oversight of cryptocurrency trading, said the source, who has direct knowledge of the matter but is not authorised to speak …

Bitcoin rival Ripple XRP crashes spectacularly amid legal battle
4 years ago

Bitcoin rival Ripple XRP crashes spectacularly amid legal battle

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. “We allege that Ripple and its executives failed over a period of years to satisfy… core investor …

Government plans to introduce law to ban cryptocurrency trading: Report
4 years, 3 months ago

Government plans to introduce law to ban cryptocurrency trading: Report

Live Mint  

India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to regulate the fledgling market. The Indian central bank had in 2018 banned crypto transactions after a string of frauds in the months following Prime Minister Narendra Modi’s sudden decision to ban 80% of the nation’s currency. …

Bitcoin hailed as ‘success' by China in dramatic shift in attitude
5 years, 1 month ago

Bitcoin hailed as ‘success' by China in dramatic shift in attitude

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Monday's edition of Xinhua went into detail about how bitcoin and its underlying blockchain technology works, describing …

Bitcoin price latest: Cryptocurrencies including Ethereum and Ripple plunge after South Korea talks ban
5 years, 4 months ago

Bitcoin price latest: Cryptocurrencies including Ethereum and Ripple plunge after South Korea talks ban

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Most have fallen more than 10 per cent over the morning, and the price of bitcoin has …

China is trying to weaken its currency without freaking markets
5 years, 5 months ago

China is trying to weaken its currency without freaking markets

CNN  

Hong Kong CNN Business — All eyes have been on China this week after it allowed a surprise devaluation of its currency on Monday, sending global markets into a tailspin. In fact, Thursday’s yuan rate fix shows that the country is comfortable with its “new normal,” said Ken Cheung Kin Tai, chief foreign exchange strategist for Asia at Mizuho Bank …

China’s plan to ban Bitcoin mining might actually be good news for the crypto market
5 years, 8 months ago

China’s plan to ban Bitcoin mining might actually be good news for the crypto market

Salon  

Bitcoin and the entire crypto market received what can easily be perceived as bad news initially, as China is looking to make another significant play soon: Banning Bitcoin mining in the country. But China can ban crypto businesses that don’t play by its own rules, including farms that mine Bitcoin. If Chinese Bitcoin farmers stop mining soon, the prices don’t …

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