China Moves to Ban Video Games after Cryptocurrency Ban

China Moves to Ban Video Games after Cryptocurrency Ban

Will China ban China in the long run?

Recent news has been inundated with China’s efforts to prohibit the proliferation of cryptocurrency within its borders. This ban has covered ICOs, cryptocurrency trading, cryptocurrency exchanges, even cryptocurrency related promotion and events.

The Chinese government’s next regulatory target: video games. The regulation intends to undertake the problem of ‘device addiction’ and to dissuade its youth and adults from playing online games. NewsBTC editor, Joseph Young calls these consecutive bans made by the government as being ‘trigger happy’.

China began its attempt at banning Bitcoin as early as 2013. A study from June 2018 says that its central bank and other related government offices has barred its local banks and citizens from ‘dealing in Bitcoins’, pricing their services and goods based on Bitcoin, accept or use Bitcoin, and trade Bitcoin against the yuan or any foreign currency (Page 107).

Other countries that have made an implicit or absolute ban on cryptocurrencies are: Ecuador, Vietnam, and Namibia (South Africa).

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How Close Is India to Initiating a Full Crypto Ban?

Is the beginning of the end for crypto in India? India Again Discussing a Crypto Ban The country has been going back and forth regarding a potential crypto ban for well over a year now, but it seems we’re getting closer and closer to the reality of a crypto-less India. A government panel is now moving forward with its recommendation of a full ban on private cryptocurrencies, along with ten years in prison for all individuals who engage in crypto-based activities. It can be argued that India doesn’t quite know what it’s doing. As a country with limited means when compared with the U.S., China and most major points of Europe, India is a nation that would likely benefit greatly from cryptocurrency use. Digital currencies are largely decentralized and would give many of India’s people the opportunity to take care of themselves through currencies that are not controlled by any bank or financial institution. Users would not need to garner appropriate credit or industry recommendations. The money would be in their accounts in relatively short periods and they’d be free to use it without restraint. Nevertheless, India is allegedly not listening and once again relying on the age-old argument that crypto is responsible for illicit activity such as tax evasion and money laundering. It’s strange how so many people – even President Donald Trump – are unable to let this argument go. The panel in question has submitted a report suggesting that cryptocurrencies, as they stand, have no “underlying value.” However, it is stating that while doing away with all standard crypto is necessary, the Central Bank of India should examine the prospects of creating a national, digital rupee. Presently, the rupee is the country’s official cryptocurrency, and the panel is suggesting digitizing it to potentially lessen the chance of fraud in the future. What the panel probably doesn’t realize is that this wouldn’t protect against such problems. In addition, a nationalized cryptocurrency would hardly be crypto at all. A coin of this nature would be largely centralized or controlled by the banks that issue them. Thus, many would be prevented from getting their hands on it. They wouldn’t be able to live or survive the way they could with standard or mainstream forms of crypto like bitcoin, Litecoin and Ethereum. Interestingly, many experts agree that India would be making a huge mistake if it were to enforce a full ban of cryptocurrencies. Sathvik Vishwanath, the co-founder of Uno Coin, explained:  If the government decides to take such a drastic step, then India will stand to lose out significantly on the technology front. Many Think This Would Be a Bad Idea Nischal Shetty, CEO of Wazir X, seems to agree. He explains:  Banning cryptocurrencies is a regressive step and no country or government should ban a new technology such as this. The post How Close Is India to Initiating a Full Crypto Ban? appeared first on Live Bitcoin News.
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Reports Show Indian Government Panel Wants To Ban Bitcoin and Cryptocurrencies

India could ban virtual currencies in the near future If that happens, the government could impose 10-year sentences to those dealing with them According to a report released by Reuters on July 22nd, an Indian government panel is recommending a ban on virtual currencies in the country. At the same time, this panel considers that […]
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India: Government Committee Recommends Cryptocurrency Ban

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