Ban

The advent of cryptocurrency was not welcomed globally or by everybody with warm hands. There are many countries that have or tried to ban Bitcoin, but still continued using blockchain, the technology supporting cryptocurrency.

As many Asian tigers are embracing and regulating the use of blockchain technology and Bitcoin, India is planning to create a new law prohibiting cryptocurrency trading.

The Russian Ministry of Economics criticized the recent law on digital assets adopted by the State Duma. It practically bans the use of cryptocurrency within the country, however, such an attitude might cause Russia huge losses.

After announcing an official ban on cryptocurrency use in 2014, the Kyrgyz Republic seems to be reconsidering its legal frameworks around crypto trading and mining.

No one would call the life of the cryptocurrency business in India easy. First, they had to deal with a ban from the country’s Reserve Bank, and then they were hit by the COVID-19 pandemic. However, Indian exchanges manage to withstand everything. Especially after the ban was lifted by the Supreme Court.

Despite India's Supreme Court overturning a cryptocurrency ban imposed by the Reserve Bank of India (RBI), crypto businesses still face difficulties due to regulatory uncertainty and scrutiny.