Russia is allegedly preparing a ban on the use of cryptocurrencies to pay for goods and services. A report from Izvestia on Nov. 29 cites several sources allegedly familiar with ongoing discussions at the country’s central bank, financial regulator and Ministry of Finance in support of a ban. Legal measures not yet officially confirmed At present, cryptocurrencies can be used for e-commerce and many Russian freelancers, including programmers, designers and copywriters, agree to receive their salaries in Bitcoin (BTC) or Ether (ETH), Vladislav Antonov told Izvestia. Antonov, an analyst at Alpari Information and Analytical Center, noted that while they are …

In April 2018, the Reserve Bank of India, the country’s central bank, initiated a major crackdown on the trade and purchase of cryptocurrencies such as Bitcoin within its borders. RBI Deputy Governor Bibhu Kanungo declared that all RBI-regulated entities are to “stop having business relationships with entities dealing with virtual currencies forthwith and unwind the existing relationships in a period of three months time.” This set a series of events in motion that would disrupt the blossoming crypto ecosystem in India. Crypto exchanges shut down due to regulatory pressure and crypto entrepreneurs were arrested. Despite this, in less than 18 …

The Supreme Court of India has postponed a hearing that would consider the Reserve Bank of India’s (RBI) ban on providing services to cryptocurrency-related business. In an Oct. 16 session on the ban that prohibits banks and financial institutions from providing digital currency-related services, the court shifted the date of the next hearing to Nov. 12. The date was further extended to Nov. 19 due to national holidays in India, which fall on the date initially set. RBI criticized In late August, the Supreme Court slammed the country’s central bank over its handling of the cryptocurrency business ban and ordered …

The World Federation of Exchanges (WFE), a global trade association of publicly regulated exchanges, has urged the United Kingdom’s Financial Conduct Authority (FCA) not to restrict cryptocurrency derivatives for retail investors. The WFE made a statement on Oct. 7 in response to the financial regulator’s consultation paper on potentially banning on crypto derivatives such as Bitcoin (BTC) futures and other crypto-related trading products, initially announced in July. The WFE proposed that the FCA develop proper consumer protection instead. Recommendations to build proper regulations The WFE offered an array of recommendations such as the implementation of standards, consideration of underlying market …

Burundi has banned the trading of digital currencies due to a lack of protection for the public. As Bloomberg reported on Sept. 4, the government was urged to take action after some citizens in the central African country lost money while dealing with digital currencies. Crypto trading was subsequently banned. Alfred Nyobewumusi, a director at the central bank’s microfinance department, said: “Strong measures could be taken against all those who will not respect this decision.” Troubled relations with crypto in Africa As previously reported by Cointelegraph, the deputy governor of the Bank of Uganda, Louis Kasekende, has warned the public …

As the global investor community starts to become increasingly aware of what crypto has to offer, it appears as though this burgeoning asset class is becoming more and more accepted. This is probably best highlighted by the fact that after experiencing bearish conditions all through 2018 (with Bitcoin even stooping at one point to around the $3K mark), the digital currency market as a whole was able to swiftly regain its former momentum and make an impressive comeback. Since 2016, a number of countries have either banned digital currencies altogether (such as China, Pakistan and Egypt) or have placed various …

An Indian government panel recommended a ban on cryptocurrencies, Reuters reports on July 22. Is India finally about to ban cryptocurrencies? The panel recommended to the government today to ban cryptocurrencies and impose sanctions for any dealings involving crypto assets. Reuters adds that, according to a government statement, the report and draft legislation released by the panel behind the recommendation will be examined by regulators and the government before taking a final decision. A local ban is not surprising Earlier this month, India’s Minister of State for Finance Anurag Thakur has pointed out that there is no law in India …

This article has been updated to reflect that RBI has expanded on its earlier statement regarding a blockchain system for banks. Those who mine, trade or own cryptocurrency in India are currently on the edge of their seats, as rumors keep swirling around a draft regulation called the Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019. As its ominous title indicates, the bill allegedly calls for harsh penalties of up to 10 years in jail for those who deal in crypto, clearly intending to rid the country of digital tokens. However, whether the bill will become a law …

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 communication from central government …

The central bank of Laos has warned the public against the use, purchase or sale of digital currencies, local news outlet Vientiane Times reported on May 21. The Bank of the Lao PDR has issued a warning to financial market participants and the public against cryptocurrency transactions as they are considered illegal in the country. The bank previously banned financial institutions from conducting any operations with cryptocurrencies, as well as making investments in such an asset. The bank is purportedly concerned about the anonymity of the sender and receiver in a cryptocurrency transaction, which it worries increases the risk of …

Chinese social media giant and payment service provider WeChat banned cryptocurrency transactions in its payments policy. Dovey Wan, founding partner of crypto investment firm Primitive, tweeted the news on May 7. The tweet contained a screenshot of the policy changes, which intimates that users who engage in cryptocurrency trading will have their accounts terminated. Wan expressed concern that since most over-the-counter transactions are happening in WeChat, “this may impact local liquidity to quite some extent.” WeChat is a popular messaging and payments service provider in China, also featuring game integrations. The updated rules — coming into force on May 31 …

American major cryptocurrency exchange Coinbase has barred British right-wing pundit Milo Yiannopoulos from its platform, Yiannopoulos stated in a Gab post on May 3. Yiannopoulos is a well-known political commentator and public speaker, espousing controversial far-right views and describing himself as a "cultural libertarian". Previously, Yiannopoulos used to be an editor for syndicated American news and opinion website Breitbart News. Yiannopoulos’ account on Coinbase was reportedly closed within three minutes: Screenshot of Yiannopoulos Gab post. Source: Gab Yiannopoulos was previously banned by social media and networking platforms Facebook, as well as its subsidiary Instagram, and Twitter, according to the Guardian. …