Yesterday, we talked about how traders manage to trade Bitcoin and other altcoins in China – knowing that crypto trading is not allowed in the country. However, despite the use of VPNs and other alternative tools, it seems like China’s exchanges find it more difficult to skirt the ban.
However, according to reports from the South China Morning Post (SCMP), it seems like all of the crypto exchanges that are present in China are changing their domain names in order to escape the blocked access that the country has on all (124) of them.
This move seems to have little to no effect as traders still continue to use virtual private networks (VPNs) tools to access foreign exchanges, and leverage the dollar-pegged stablecoin Tether (USDT) for exchanging the cryptocurrency to fiat currency and vice versa.
Meanwhile, the Chinese government has had a strong stance towards blocking the crypto-related activities in 2017, when Beijing first began the crackdown on the domestic cryptocurrency ecosystem.
According to many analysts and experts, it is definitely difficult to completely block access to crypto trading in an era of technology – and as long as the platform servers remain outside China. However, the regulatory bodies in the country believe that the short-term consequences may result with a decrease in trading interest among the novice cryptocurrency investors.
Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
“[Our] recent experience with RBC has been nothing short of horrible, and we just can’t deal with all the nonsense anymore.”Apparently, the user was very disappointed for a longer period of time and the banks deciding to stop serving users that make business with bitcoin was the last drop for the user. The email continues with more frustration saying:
“We need our bank to be a partner we can rely on who will help us be successful both personally and in business.”According to the client, banks are afraid of Bitcoin and the RBC was the perfect example of it. The person than listed the problems that he faced with the bank including the prolonged process involved in day-to-day checking on top of the difficulties during the process of opening an account for a family trust that runs a daycare. After sharing his story, he noted that the bank flagged him as suspicious since he owned cryptocurrencies and then he wrote:
“There is absolutely no way we can continue doing business with an institution who believes [they] can dictate what we can and cannot do with our money. Ironically, banks have been fined billions of dollars over the last few years over this.”As noted in the latest cryptocurrency news, Anthony Pompliano’s tweet received more than 3,000 likes and 900 retweets.
High Bitcoin Volatility Expected Soon: Price Analysis
Bitcoin Is Not Banned In India: Finance Minister
The union finance minister of India, Anurag Singh Thakur is in the latest cryptocurrency news for a statement in which he said that holding or trading cryptocurrencies like Bitcoin is not banned in the country.
As Thakur told the upper house of the Indian parliament, the issues of permitting the trading of/in cryptocurrencies remains under full examination of a government-appointed interministerial committee.
Thakur also stressed that the Reserve Bank of India and the Ministry of Finance had issued a string of circulars and notices regarding the use of Bitcoin and other similar coins. Nonetheless, only a final report from the committee could shed light on the final status of such nascent asset class.
His statement showing that Bitcoin is not banned in India was all over the altcoin news too and read:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The response also followed Bloomberg Quint’s coverage which was based on an alleged crypto ban draft which mentioned that the government of India would sentence crypto traders with a ten year jail time. However, the Finance Minister Thakur said that Bitcoin is not banned in the country. Also, a New Delhi-based lawyer named Varun Sethi this week shared a leaked page from the same draft which clarified that the Indian government was planning a crackdown on crypto traders.
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorising any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet,” he said in the document which was shared on many best cryptocurrency news sites.
The reply about the question of whether Bitcoin s banned or Bitcoin is not banned comes ahead of the next Supreme Court hearing of the so-called Crypto vs. RBI on July 23.
Dr. Doom Writes That Bitcoin Bears Are ‘Poised’ At This Point
"BitMEX insiders revealed to me that this exchange is also used daily for money laundering on a massive scale by terrorists and other criminals from Russia, Iran, and elsewhere," Roubini wrote in a blog post. "The exchange does nothing to stop this, as it profits from these transactions."Roubini (Dr. Doom) also clashed with the chief executive of BitMEX, Arthur Hayes, at the Asia Blockchain Summit earlier this month. At the time, he branded Bitcoin "overhyped" and a "cesspool."
"Some of the biggest crypto players may be openly involved in systematic illegality," Roubini wrote, adding: "BitMEX [is] an unregulated trillion-dollar exchange of crypto derivatives that is domiciled in the Seychelles but active globally ... involves peddling to 'degenerate gamblers' (meaning clueless retail investors) crypto derivatives with 100-to-one leverage."On the topic of margin trading which is hot in the latest cryptocurrency news, Dr. Doom is again pessimistic. However, there are many other analysts which are optimistic on crypto. One of them is Simon Peters, analyst at eToro. As Peters said:
“Crypto bears are poised to pounce, after several high-profile U.S. government officials took aim at bitcoin and Facebook's Libra this week."Currently, Bitcoin is eyeing $10,000 in a new upward run which stabilized the market overnight.
Join us on Facebook
- Banks Are Afraid Of BTC And They Are Chasing Their Customers Away
- Activist Groups Are Urging 27 Libra Partners To Ditch The Project
- Libra Is Trending On Both Google And Weibo In China
- Japan Will Create International Crypto Infrastructure Better Than SWIFT
- BitMEX Pulled $73M From Exchange After Probe Report
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News3 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Altcoin News4 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Press Releases5 days ago
Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
Bitcoin News5 days ago
Possible Bear Trap Leads Market To New Gains, BTC Eyes $11,000
Regulation3 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Regulation3 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News3 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Press Releases4 days ago
Sorry Mr President, cryptocurrency has a bright future