As cryptocurrency bans from China and India hit the center stage in media outlets, more and more countries are starting to announce that they will not ban cryptocurrencies. Recently, Singapore joined South Korea in announcing that a cryptocurrency ban will not take place. Today, we’ll talk about the recent bans of cryptocurrencies that we’ve seen, what we’re seeing out of the countries that will not be banning cryptos, and what you should be watching for ahead.
India And China Recently Announced Cryptocurrency Bans
As mentioned above, cryptocurrencies are falling hard as two countries have announced that they would be banning the use of crypto-assets. First and foremost, late last week, India’s Finance Minister said that India’s government would do everything in its power to get rid of all use of cryptocurrency and crypto-related assets in the country.
This was followed up with news from China, a country that already had bans on cryptocurrency exchanges and ICOs within the country. However, some traders worked with foreign crypto exchanges to get involved in the market. Nonetheless, a new announcement out of China says this will no longer be possible. China has announced that the country will ban trading through foreign exchanges as well as ban any advertising associated with the crypto space.
At the end of the day, these bans have led to fears that further global regulation and bans will take place. While regulation is definitely likely, further bans simply are not. In fact, some countries are coming out and saying they will not ban cryptocurrencies.