Video Digest, April 13: Creators Abandon YouTube and Facebook for Blockchain-based Platforms, Pakistan Disallows Banks from Cryptocurrencies and ICO Transactions

Welcome back to the Coin Idol TV News channel. Digest on April 13 features the following topics from the world of Blockchain and cryptocurrency: creators abandon YouTube and Facebook for blockchain-based platforms, Pakistan disallows banks from crypto currencies and ICO transactions.

Creators Abandon YouTube and Facebook for Blockchain-based Platforms

Many users have recently lost access to watching all videos of popular creators because of the tougher censorship policy of YouTube. Simultaneously, given the latest data scandal with Facebook, more and more people seek alternatives, such as blockchain-powered networks.

Such platforms, powered by blockchain technology, are open for anything fintech related, while YouTube, Facebook, and even Twitter try to gradually eliminate cryptocurrency advertisements. They don’t want to take responsibility for the ads that can potentially turn out to be scams or digital currencies regulated as securities.  

Pakistan Disallows Banks from Cryptocurrencies and ICO Transactions

The State Bank of Pakistan advised the public that virtual currencies such as Bitcoin, Litecoin contribute to high levels of illegal activities such as supporting terrorist groups, theft, scams and fraud due to lack of regulations. Thus completely banning all the banking and other financial service providers from supporting and using virtual currency transactions and this came immediately after India's Central Bank slashing cryptocurrency prices on local exchanges throughout the whole country.

The public as the main target was further advised to be very careful and hold back from carrying out any activity such as Bitcoin mining, exchanging, promoting, transferring values and investing of virtual currencies in order to stop the potential financial losses and legal implications.