Ban

The Inner Mongolia government has launched a platform that will be used by the general public to report any activity or operation related to cryptocurrency mining within the Mongolic autonomous region of the People's Republic of China.

The restriction imposed on cryptocurrency services providers by China has made the entire digital currency market hit a snag. The price of Bitcoin, the largest crypto asset by market cap, has plummeted to touch the $30,000 level, a price that it last traded on Jan 02, 2021 (almost 6 months ago).

The cybercrime department of the Turkish police has arrested four people following the loss of $2 Billion from a cryptocurrency exchange. The arrested people included the head of Vebitcoin, one of the sites that became inaccessible leading to loss of funds. The culprits were rounded up in the province of Mugla southwestern Turkey.

The price of Bitcoin has dropped by about 4% following the news by the central bank of Turkey to ban cryptocurrency payments starting from April 30.

As the interest in cryptocurrency is seemingly increasing in Africa more than in some of the globe’s developed economies, the Central Bank of Nigeria (CBN) has come out to embrace this nascent fintech by saying that Bitcoin and cryptocurrency businesses in Nigeria are not banned at all.

The Nigerian Central Bank has paid notice to the Country’s Vice President positive advice on cryptocurrency. The Central Bank which recently banned cryptocurrency in the Country was criticized by Vice President Yemi Osinbajo who preferred regulating cryptocurrency to banning its use in the country.

The story of banning Bitcoin in India seems not to be any near to the end. At first, it was the country's Reserve Bank (RBI) calling for the immediate ban of cryptocurrencies. Now, it's the people and businessmen themselves that are calling for the government to put a total ban on Bitcoin.

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.