The cryptocurrency ban in South Korea will affect the blockchain regulation-free zone & make it to become ‘ineffective’ in Busan. Busan Metropolitan Government exerted, “Busan should review the proposals when the relevant ministries give opinions on the special district participation such as acceptance or conditional acceptance…the special regulation-free on cryptocurrency, the Ministry of SMEs and Startups cannot change it to acceptance.”
Nasscom, a major Indian IT trade organization has come out against a recently proposed government ban on crypto, offering alternative solutions. Nasscom said: “Instead, the government should work towards developing a risk-based framework to regulate and monitor cryptocurrencies and tokens. A ban would inhibit new applications and solutions from being deployed and would discourage tech startups. It would handicap India from participating in new use cases that cryptocurrencies and tokens offer.”
The inter-ministerial committee (imc) which is headed by Subhash Chandra Garg, Economic Affairs Secretary has submitted its report to the government which has recommended that private cryptocurrencies be banned completely in India. The report stated, “The committee notes with serious concern mushrooming of cryptocurrencies almost invariably issued abroad and numerous people in India investing in these”. But suggested positively on national digital currency.
Cryptoexchange Poloniex has announced that it will block number of US crypto traders Ignis, Bytecoin, Decred, GameCredits and few others. The Poloniex explained, “Today’s action is a result of regulatory uncertainty in the US market. Specifically, it is not possible to be certain whether US regulators will consider these assets to be securities,”
Head of Marketing Jacob Mani, at Estonia-registered Indian crypto exchange InstaShift, confirmed that reports regarding the crypto asset ban haven’t dissuaded anyone. In fact, Mani revealed that InstaShift had recently experienced a surge in crypto trading volumes since widely-used Indian exchange Koinex had been going through scheduled maintenance. Nischal Shetty, the CEO of WazirX, said that the recent recommendation from India’s government had not any negative impact on local crypto trading volumes.
Zebpay shut up its shutters in India and moved to the more crypto-friendly Malta. The CEO of Zebpay, who left India due to banking restrictions, says the rumored cryptocurrency blanket-ban is unlikely to happen. Khurana cites Malta and Australia as leading the world in clarity of cryptocurrency regulation. Speaking to Australian news site Micky, Khurana said that he had heard of the rumored ban through various media outlets.
Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019 is being circulated to relevant government departments, a government official familiar with the matter. Agarwal, Joint Secretary in the corporate affairs ministry, added that the authority plans to start gathering primary data from persons who have put in their money in chit funds and deposit-taking schemes. The government of India has stated inter-ministerial consultations on a draft bill that would impose a complete ban on cryptocurrencies and regulate official digital currencies.
The lower house of the Federal Assembly of Russia, the State Duma has recently expressed their suggestion to ban bitcoin worldwide. The First Deputy of the State Duma Committee, Nikolai Arefyev explained “Cryptocurrency should not exist at all. It interferes the development of commodity production. And making money out of money is detrimental to the entire population of the earth.”
The National Development and Reform Commission (NDRC) had passed a proposal to ban the cryptocurrency mining activity in the country due to environmental concern. The research in the Institute of Finance and Banking at the Chinese Academy of Social Sciences, Zhao Yao explained, “The move by the NDRC, which determines industrial policies, carries much more weight.”
The Deputy Finance Minister of Malaysia, Datuk Seri Johari Abdul Gani revealed that the cryptocurrency trading would not be banned in Malaysia. He highlighted that Malaysian Government understood the “need to strike a balance between public interest and integrity of the financial system”. A framework to protect the crypto industry and users preventing money laundering and illegal activities would be put forth by Bank Negara Malaysia.