Almost Official (Regulatory Digest, Feb 21—27)

Russia to associate crypto with money laundering, an oil-backed Russian coin initiative, USA to further handle blockchain, the skeptical as for innovations Ohio, South Africa reporting growth in banking sector, blockchain for deals in Spain, Seoul to back blockchain startups, +1 exchange bankrupt in South Korea, Turkish operator to use blockchain for data maintenance, Australian AUSTRAC to test blockchain for financial reports

We’re reviewing how [the program] might be either curtailed or might be expanded, and what our counter-party risk is with that vendor

Robert Sprague, Ohio State Treasurer

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Breaking: Investors Should Not Mix Blockchain With Virtual Currencies- People’s Bank Of China

A recent regulatory update by People Bank of China’s(PBOC) Shanghai Head office has affirmed that the bank will continue to strengthen regulation and control and clamp down crypto trading. No Virtual Currency Business To Exist In China The Shanghai Financial Stability Joint Conference Office and the Shanghai Headquarters of the People’s Bank of China going forward will continuously monitor the virtual currency business activities within the jurisdiction. Once the activities are discovered, they will be put to an end with immediate effect. The announcement further states that “Investors should be scrupulous and should not mix blockchain with virtual currencies”. Furthermore, the announcement mentions that there are multiple risks involved with virtual currencies. These include issuance, financing and trading, including false asset risk, business failure risk and investment speculation risk. If in case an investor discovers any form of virtual currency business activities taking place they may report it to the regulatory authorities. Most importantly, those suspected of being involved in virtual currencies in any manner may be sent to the public security. The latter is the principal police and security authority of the People’s Republic of China. Rise In “ Crypto Adoption” Speculations In China’s pursuits of promoting blockchain technology, speculations relating to virtual currencies started rising. For curbing virtual currency-related activities in Shanghai, the regulators will be launching a drive. The announcement mentions, Relevant financing entities through the illegal sale, circulation of tokens, raising funds to investors or bitcoin, Ethereum and other virtual currency, which is essentially unauthorised illegal public financing, suspected of illegal sale of tokens, illegal issuance of securities and illegal fund-raising, financial fraud, pyramid schemes and other illegal crimes have seriously disrupted the economic and financial order. PBoC To Adopt New Measures To Curb Use of Cryptos Back in 2017, the People’s Bank of China and the other seven ministries and commissions issued the “Announcement on Preventing the Risk of Subsidy Issuance Financing” clearing up the ICO and virtual currency trading venue. Since then the supervision has strengthened and the efforts to eliminate virtual currencies in China continue full throttle. The announcement further states that the Shanghai Financial Stability Joint Conference Office and the Shanghai Headquarters of the People’s Bank of China will continue to adopt monitoring measures such as interviews, inspections, and bans on the monitored entities involved in virtual currency activities to resolve related risks in a timely manner. While blockchain is here to stay, China is still not ready for crypto. Will China adopt crypto in the near future? Let us know, what you think in the comments below!   The post Breaking: Investors Should Not Mix Blockchain With Virtual Currencies- People’s Bank Of China appeared first on Coingape.
CoinGape

Bitcoin Drops to $7,000 as China Vows to ‘Dispose of’ Local Exchanges

Bitcoin Drops to $7,000 as China Vows to ‘Dispose of’ Local Exchanges Cryptocurrency exchanges operating illegally in China face a new threat after the central bank announced it would take new steps to uphold its trading ban. In a statement on Nov. 21, the People’s Bank of China (PBoC) warned it was taking action against […] Cet article Bitcoin Drops to $7,000 as China Vows to ‘Dispose of’ Local Exchanges est apparu en premier sur Bitcoin Central.
Bitcoin Central

China Clarifies Cryptocurrencies Are Illegal: Bitcoin Records 6-Month Low In Response

Yesterday Bitcoin’s price went through a serious decline, losing upwards of $550 of its value in a matter of hours. Today, news from China comes that the country’s views on cryptocurrencies remain unchanged and that they are, in fact, illegal. Almost immediately after that, Bitcoin lost another $500, marking a 6-month low. China Clarifies: Cryptocurrencies Are Illegal A few weeks ago, China’s president, Xi Jinping, urged the country to get more involved with blockchain-based technologies. However, ever since then, the government has been running the “Blockchain, not Bitcoin” narrative, reminding people that cryptocurrencies remain illegal at large. Today, the Shanghai Head office of the People’s Bank of China made a new regulatory update, outlining that it would strengthen regulation and control and clamp down on cryptocurrency trading. According to the update, authorities are going to continue to implement existing strict regulations, while monitoring activities related to cryptocurrencies within its jurisdiction. Moreover, it also says that once such activities are identified, it will be “disposed of immediately, and it will be prevented from happening early.” Authorities seem to believe that there are multiple risks when it comes to the issuance of cryptocurrencies and their respective trading. These include asset tampering, investment speculations, business failure, amid others of the kind. In short, investors shouldn’t mix blockchain technology, and cryptocurrencies as the governmental policies towards both are particularly different. Bitcoin Price Plunges in Response Almost immediately after the news, Bitcoin’s price plunged to $7,000, losing yet another $500 of its dollar value. BTC/USD. Source: TradingView As CryptoPotato reported, this is a new low for Bitcoin as the cryptocurrency hasn’t traded at these levels since May this year. So far, the historic support line at around $7,000 holds well, but things can change in the blink of an eye. Should it break below it, the price could go all the way down to $6,200, as that’s where more demand is identified. The post China Clarifies Cryptocurrencies Are Illegal: Bitcoin Records 6-Month Low In Response appeared first on CryptoPotato.
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