At the moment, cryptocurrencies are taking a dive across the board. One of the most notable movements that happened today was Bitcoin’s dive below $6,000 as the entire market seems to be closing in on itself. The big story at the moment is regulation. Over the past two weeks, we’ve seen some big stories in the regulation space. Today, we’ll talk briefly about what’s happening on the regulation side of the coin, why governments are so afraid of cryptocurrency, and why crypto isn’t going anywhere any time soon!
Governments Are Cracking Down On Cryptocurrency
If you’re wondering why cryptocurrencies have been tanking recently, the answer is simple. Governments around the world are starting to crack down on cryptocurrency. Here are the four big stories:
- United States – In the United States, market cops are going in front of the Senate Banking committee tomorrow in order to discuss regulation. Essentially, the goal is to discuss regulation of the trading of cryptocurrencies in the United States. a
- India – Last week, India’s Finance Minister announced that the government would work with all tools at their disposal to ban cryptocurrencies and other crypto assets as a whole.
- China – China has already banned ICO’s and cryptocurrency exchanges. However, it was announced over the weekend that the country is extending that ban. Moving forward, Chinese traders will be completely locked out of the cryptocurrency space as trading with foreign crypto exchanges becomes illegal. As a result, all advertisements of crypto-assets have been scrubbed from Chinese search engines and social media.
- South Korea – Finally, while South Korea has said that the country’s government will not ban cryptocurrency, it is working to regulate the sector. More news on this story is expected soon.