Crypto ban Financial News

London-based challenger bank Kroo has banned its customers from engaging in crypto transactions in order to “help keep user account and money safe.”

The Securities and Exchange Board of India (SEBI) proposed a collaborative effort among regulators to oversee cryptocurrency trading on Thursday, while the Reserve Bank of India (RBI) seeks a stablecoin ban.

A Vietnam ministry representative clarified Friday that crypto is not prohibited within the country. However, he emphasized the importance of establishing a legal framework to regulate them and mitigate potential risks.

China’s state-run media has once more cautioned investors against crypto investments as Bitcoin reached a two-year peak on Monday, near the $64,000 mark.

The Central Bank of Nigeria (CBN) has reversed its ban on dealing with companies involved in digital tokens.

A joint policy roadmap released by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) has cautioned against outright bans on cryptocurrencies. 

According to a report from the Financial Times, the influx of Chinese tourists into Hong Kong has witnessed a peculiar trend in recent months, as more individuals seek to purchase cryptocurrencies during their visits.

Rajeev Chandrasekhar, India's Minister of Information Technology, has said crypto would face no issue within the country if related laws are followed. 

India’s central bank governor has once again expressed skepticism toward cryptocurrencies, saying these assets are “nothing but gambling” and asking for a blanket ban.

New York Attorney General Letitia Games has urged lawmakers to ban the use of crypto assets as an investment option for retirement accounts.

Nirmala Sitharaman said that cryptocurrencies could be banned or prohibited only after significant international collaboration on the risks, benefits, evolution of common taxonomy and standards. Sitharaman's statement on cryptocurrencies or Virtual Currencies (VCs) in Parliament was in response to a five-pointer question by Thirumavalavan, a member of Parliament from Tamil Nadu's Chidambaram. The questions were about the Reserve

cryptocurrency — an explicit prohibition — the Indian government wants a global collaboration if such a ban or prohibition has to be put into effect. Addressing queries pertaining to cryptocurrencies in the Lok Sabha today, finance minister Nirmala Sitharaman said, “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation for regulation or for banning can be effective only after significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.” The RBI has time and again pointed out the problems with digital assets questioning their underlying fundamentals and use cases. The RBI governor Shaktikanta Das has gone on the record to even call it a “real danger” in the annual report of the central bank.

India’s crypto investors are a clueless lot. On one hand, the Reserve Bank of India (RBI) is on a public campaign calling crypto a "clear danger" that has no underlying assets, cautioning investors not to gamble. On the other hand, the government is silent on its legality but busy collecting taxes. Meanwhile, investors desperately look for clarity.

Recently, Union Finance Minister Nirmala Sitharaman said that India will not rush into any decision on cryptos and will take a well-considered view. «It has to take its time to be sure that at least, with the given available information, we are making a discernible decision. It can't be rushed,» she said during an interaction with students and faculty at Stanford University in California. However, industry players believe that the delay is hurting India's prospects of becoming a major player in the crypto industry and leading to the exile of homegrown talent to crypto-friendly hubs.

digital assets from being used to pay for goods and services from April 1, the market regulator said on Wednesday. The move was in line with earlier discussions between the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT) on a need to regulate such activity by digital asset business operators as it could impact the country's financial stability and overall economy, the SEC said in a statement. Digital asset business operators that provide such services must comply with the new rules within 30 days from the effective date, it said.

India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, people familiar with deliberations at the central bank's board meeting on Friday told ET. The RBI made a detailed presentation to the board highlighting «serious concerns» relating to macroeconomic and financial stability as well as exchange management, said one person.

Modi will take a final decision on the regulatory framework for cryptocurrencies amid conflicting views among stakeholders, two persons familiar with the development said. A high-level meeting was held on Thursday to consider all the options as also stakeholder views including the concerns voiced by the Reserve Bank of India.

Mumbai: Proposed legislation that would ban the use of cryptocurrencies as a method of payment in India also seeks to make those who infringe the law subject to arrest without a warrant and being held without bail, according to a source and a summary of the bill seen by Reuters.

cryptocurrency. The government wants to capture cryptocurrency income and investments within and outside India, said people aware of the development. The government is considering amending Section 26A of the Income Tax Act and the Annual Information Regulation (AIR), which shows data on all investments made by a taxpayer and is often called a 'tax passbook'.

Nirmala Sitharaman said that regulating cryptocurrency requires collective effort as the technology is constantly evolving and changing. “The regulation both executive and legislative only doing catching up with technology.

cryptocurrency exchanges that are similar to chit funds, multi-level marketing (MLM) and systematic investment plans (SIP), as it seeks to build a robust regulatory framework to protect vulnerable rural populations buying risky crypto assets.