• Latest
China and India Continue To Take Steps To Thwart Crypto Use

China and India Continue To Take Steps To Thwart Crypto Use

January 25, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Alt Coin

China and India Continue To Take Steps To Thwart Crypto Use

coinnewsdaily by coinnewsdaily
January 25, 2019
in Alt Coin
0
China and India Continue To Take Steps To Thwart Crypto Use
191
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022

The governments of China and India are known to be hostile to decentralized cryptocurrencies, and have taken steps over the past few years to curb their adoption. Although largely unsuccessful, these steps have frustrated citizens seeking to enter the crypto space. Both governments now appear to be strengthening their resolve to block the use of crypto within their borders. China has just announced tight regulations on the operation of blockchain nodes and other crypto-related services. Also, Indian banks appear to be complying with rules prohibiting their involvement with cryptocurrency services and companies.

On January 10th the Chinese Cyberspace Affairs Commission (CAC) announced that beginning  February 15th, all firms engaged in blockchain technology must register with the agency. Blockchain services must provide positive identification, and also agree to government censorship and management. This new regulation, if strictly interpreted, will give the Chinese government control over all nodes throughout the country. It will also provide the legal authority to take over mining and exchanges.

India’s actions against crypto adoption are aimed at blocking banking access. Last year the Reserve Bank of India (RBI) issued rules prohibiting banks from working with cryptocurrency companies. This restriction also includes blocking account access to exchanges. A number of Indian banks now appear to be following the RBI’s directive, as reports are emerging of individual bank accounts being frozen. Also, some banks are requiring new account holders to confirm that they will not use accounts for cryptocurrency-related activity.

Actions by their respective governments have done little to thwart crypto adoption in China and India, and these new steps are also likely to be ineffective. Interestingly, both governments view crypto as a threat, despite having very different political and economic structures. China is governed by an authoritarian regime that oversees a centrally planned economy, yet is gradually transitioning to a free market. India is the largest democracy on the planet with a free market economy dating back to colonial rule. Both governments, however, recognize that decentralized cryptocurrencies promise to undermine their state-backed fiats. Both nations also have hundreds of millions of citizens that are poor and unbanked, and thus well-positioned to adopt blockchain assets.

Ironically both Chinese and Indian officials have praised blockchain as a promising new technology. Chinese President Xi Jinping has referred to it as part of a “new generation of information technology,” and Indian Finance Minister Arun Jaitley has stated that his government will “explore the use of blockchain technology for ushering in digital economy.” It is also worth noting, however, that incoming RBI head Shaktikanta Das is openly hostile to crypto, and has even called for it to be made illegal.

Perhaps the most important takeaway from the actions of these two governments is the fact that their leaders do not yet understand blockchain’s fundamental architecture. China’s attempt to regulate, and thus centralize, a technology that is by design resistant to central control demonstrates this point. Also, India’s banking ban clearly overlooks the fact that a number of Indian banks are planning to use cryptocurrency as a medium for international transfers. Nevertheless, these nations have by-far the world’s largest populations, as well as two of the largest economies. Thus, their impact on blockchain development cannot be understated. As the technology moves mainstream, it will be imperative for leaders and officials to become more educated on the true nature of decentralized ledgers and their revolutionary potential.

Tags: Alt CoinAltcoinbankingFinance MinisterInformation technologytake over miningthe reserve bank of india
Share76Tweet48
Previous Post

Bitcoin, Ripple, Ethereum, Bitcoin Cash, EOS, Stellar, Litecoin, Tron, Bitcoin SV, Cardano: Price Analysis, Jan. 25

Next Post

Ripple Partners with UNC to hit University Blockchain Research Initiative

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum
Alt Coin

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
things you should know before investing in nfts
Alt Coin

Things You Should Know Before Investing in NFTs

April 24, 2022
Load More
Next Post
Ripple Partners with UNC to hit University Blockchain Research Initiative

Ripple Partners with UNC to hit University Blockchain Research Initiative

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,965.00-0.30%
  • ethereumEthereum(ETH)$1,580.60-1.79%
  • tetherTether(USDT)$1.00-0.16%
  • binancecoinBNB(BNB)$305.16-0.13%
  • rippleXRP(XRP)$0.408246-0.96%
  • cardanoCardano(ADA)$0.3778730.24%
  • dogecoinDogecoin(DOGE)$0.085751-0.81%
  • matic-networkPolygon(MATIC)$1.098.44%
  • solanaSolana(SOL)$23.89-2.58%
  • okbOKB(OKB)$35.64-0.75%
  • polkadotPolkadot(DOT)$6.430.50%
  • shiba-inuShiba Inu(SHIB)$0.000012-0.84%
  • litecoinLitecoin(LTC)$87.91-1.35%
  • tronTRON(TRX)$0.0628561.80%
  • daiDai(DAI)$1.00-0.55%
  • cosmosCosmos Hub(ATOM)$12.98-2.78%
  • chainlinkChainlink(LINK)$7.265.01%
  • leo-tokenLEO Token(LEO)$3.733.69%
  • moneroMonero(XMR)$171.71-1.97%
  • ethereum-classicEthereum Classic(ETC)$21.66-0.97%
  • bitcoin-cashBitcoin Cash(BCH)$135.042.95%
  • stellarStellar(XLM)$0.091759-0.22%
  • crypto-com-chainCronos(CRO)$0.080624-0.67%
  • filecoinFilecoin(FIL)$5.37-0.21%
  • algorandAlgorand(ALGO)$0.2484821.03%
  • vechainVeChain(VET)$0.0239443.35%
  • internet-computerInternet Computer(ICP)$5.82-0.58%
  • aaveAave(AAVE)$87.201.92%
  • eosEOS(EOS)$1.100.74%
  • theta-tokenTheta Network(THETA)$1.146.93%
  • elrond-erd-2MultiversX(EGLD)$43.44-1.32%
  • tezosTezos(XTZ)$1.110.32%
  • paxos-standardPax Dollar(USDP)$1.00-0.30%
  • bitcoin-cash-svBitcoin SV(BSV)$43.61-0.07%
  • huobi-tokenHuobi(HT)$5.04-0.87%
  • havvenSynthetix Network(SNX)$2.43-1.35%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.96-0.35%
  • iotaIOTA(MIOTA)$0.2348493.16%
  • zcashZcash(ZEC)$46.231.90%
  • makerMaker(MKR)$652.89-2.77%
  • neoNEO(NEO)$8.261.81%
  • dashDash(DASH)$51.692.52%
  • zilliqaZilliqa(ZIL)$0.0287022.41%
  • basic-attention-tokenBasic Attention(BAT)$0.260024-3.35%
  • compound-governance-tokenCompound(COMP)$53.373.81%
  • nemNEM(XEM)$0.0397834.54%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$35.401.85%
  • bitcoin-goldBitcoin Gold(BTG)$17.421.05%
  • qtumQtum(QTUM)$2.672.02%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • sushiSushi(SUSHI)$1.310.26%
  • golemGolem(GLM)$0.2481744.95%
  • wavesWaves(WAVES)$2.466.53%
  • yearn-financeyearn.finance(YFI)$7,500.95-1.83%
  • omisegoOMG Network(OMG)$1.482.43%
  • ontologyOntology(ONT)$0.2189881.25%
  • digibyteDigiByte(DGB)$0.010930-0.66%
  • umaUMA(UMA)$2.04-1.74%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%