No, India Isn’t Banning Bitcoin as Mainstream Media Gets it Wrong [Again]

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The legal status of bitcoin varies substantially from country to country and is still undefined or changing in many of bitcoin illegal in india news. While some countries have explicitly allowed its use and trade, others have banned or restricted it.

Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well. According to the European Central Banktraditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors.

The European Central Bank classifies bitcoin as a convertible decentralized virtual currency. In the European Parliament's proposal to set up a taskforce to monitor virtual currencies to combat money laundering and terrorism, passed by votes to 51, with 11 abstentions, has been sent to the European Commission for consideration.

As of [update] bitcoin was legal in Algeria, but per the Huffington Post"Algeria is going to ban bitcoin in the new Finance law of article of the law " [13]. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card. Any breach of this bitcoin illegal in india news is punishable in accordance with the laws and regulations in force.

The following day, the monetary authorities also reacted in a statement issued jointly by the Ministry of Economy and Finance, Bank Al-Maghrib and the Moroccan Capital Market Authority AMMCwarning against risks associated with bitcoin, which may be used "for illicit or criminal purposes, including money laundering and terrorist financing".

On 19 DecemberAbdellatif Jouahri, governor of Bank Al-Maghrib, said at a press conference held in Rabat during the last quarterly meeting of the Bank Al-Maghrib's Board of that bitcoin is not a currency but a "financial asset", He also warned of its dangers and called for a framework to be put in place for consumer protection.

As of 17 JanuaryThe Central Bank of Nigeria CBN has passed a circular to inform all Nigerian banks that bank transactions in bitcoin and other virtual currencies have been banned in Nigeria.

It noted that "Central bitcoin illegal in india news cannot control or regulate bitcoin. Central bank cannot control or regulate blockchain. Just the same way no one is going to control or regulate bitcoin illegal in india news Internet. In September the Bank of Namibia issued a position paper on Virtual Currencies entitled [23] wherein it declared cryptocurrency exchanges are not allowed and cryptocurrency cannot be accepted as payment for goods and services.

The Reserve Bank Of Zimbabwe is sceptical about bitcoin and has not officially permitted its use. Bitcoin would seem to be classified pursuant to the current provisions of the PPSA simply as an " intangible ". As of April the Bank of Montreal BMO announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards [31].

Treasury classified bitcoin as a convertible decentralized bitcoin illegal in india news currency in Per IRS, bitcoin is taxed as a property. In Septembera federal judge ruled that "Bitcoins are funds within the plain meaning of that term".

Bitcoin is legal bitcoin illegal in india news Mexico as of It is to be regulated as a virtual asset by the FinTech Law. News reports indicate that bitcoins are being used in the country. The Costa Rican Central Bank announced that bitcoin and cryptocurrencies are not consider currencies, and are not backed by the government nor laws. However, they are not illegal. There are a few merchants who do accept bitcoins in the country. The Bank of Jamaica BoJthe national Central Bank, has publicly declared that it must create opportunities for bitcoin illegal in india news exploitation of technologies including cryptocurrencies.

Accordingly, in the BoJ will be embarking on a campaign to build awareness of cryptocurrencies as part of increasing general financial literacy and understanding of cryptocurrencies. Indications are that early BoJ signals point to their general framework on "electronic retail payment service systems" possibly being brought to bear on initial cryptocurrencies considerations. Bitcoins may bitcoin illegal in india news considered money, but not legal currency. Bitcoin illegal in india news bitcoin may be considered either a good or a thing under the Argentina's Civil Code, and transactions with bitcoins may be governed by the rules for the sale of goods under the Civil Code.

The Central Bank bitcoin illegal in india news Bolivia issued a resolution banning bitcoin and any other currency not regulated by a country or economic zone in Not regulated, according to a statement by the Central Bank of Brazil concerning cryptocurrencies, but is discouraged because of operational risks.

There is no regulation on the use of bitcoins. A 26 March by Superintendencia Financiera de Colombia states that the use of bitcoin is not regulated. The Ecuadorian government has issued a ban on bitcoin and other digital currencies. Ecuador's new project would be controlled by the government and tied directly to the local currency—the dollar.

Users will be able to pay for select services and send money between individuals. This was slated to begin in mid-February Bitcoin is considered a commodity, [47] not a security or currency under the laws of the Kyrgyz Republic and may be legally mined, bought, sold and traded on a local commodity exchange. The use of bitcoins is not regulated in Cyprus. As a DMCC licensed company, Regal Assets DMCC operates in a secure regulated trading environment and offers a service to global investors to the highest standards of international compliance.

As ofthe Israel Tax Authorities issued a statement saying that bitcoin and other cryptocurrencies would not fall under the legal definition of currency, and neither of that of a financial security, but of a taxable asset. Bitcoin is not bitcoin illegal in india news by any governmental party in Saudi Arabia.

The government of Jordan has issued a warning discouraging the use of bitcoin and other similar systems. The Central Bank of Jordan prohibits banks, currency exchanges, financial companies, and payment service companies from dealing in bitcoins or other digital bitcoin illegal in india news.

The government of Lebanon has issued a warning discouraging the use of bitcoin and other similar systems. Bitcoin is not regulated as it is not considered to be electronic money according to the law. Bitcoin is neither recognized nor regulated in Iran. Government officials, however, discourage investing in cryptocurrencies until after the regulations are made. In SeptemberBangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict bitcoin illegal in india news laundering laws".

Finance minister Arun Jaitley, in his budget speech on 1 Februarystated that the government will do everything to discontinue the use bitcoin illegal in india news bitcoin and other virtual currencies in India for criminal uses. He reiterated that India does not recognise them as legal tender and will instead encourage blockchain technology in payment systems.

On 13 August Nepal Rastra Bank declared bitcoin as illegal. This news was followed right after India's restriction of converting bitcoin and cryptocurrencies into fiat currency. For organizations and institutions it is banned by State Bank of Pakistan. Bank will not get involved if there is any dispute. They will not facilitate any transaction for it. For individuals, it is neither legal nor illegal and they can hold cryptocurrencies at their own risk.

National Assembly of Pakistan can pass law to declare bitcoin legal or illegal in Pakistan, but there is no such news from National Assembly yet. The bank has bitcoin illegal in india news an official notice on its website and has also posted the news on its official Twitter account. While private parties can hold and trade bitcoins in China, regulation prohibits financial firms like banks from doing the same.

On 5 DecemberPeople's Bank of China PBOC made its first step in regulating bitcoin by prohibiting financial institutions from handling bitcoin transactions. On 16 December it was speculated that the PBOC had issued a new ban on third-party payment processors from doing business with bitcoin exchanges, [67] however a statement from BTC China suggests this isn't accurate, and rather payment processors had voluntarily withdrawn their services.

On 1 April PBOC ordered commercial banks and payment companies to close bitcoin trading bitcoin illegal in india news in two weeks. On 9 Februarymultiple bitcoin exchanges in China delayed or paused bitcoin withdraw service, with or without announcement. Some of the announcements, [71] [72] [73] [74] if not all, claim that regulation activities have been or are to bitcoin illegal in india news taken. News resources [75] also show that, although such activities were carried out by PBOC, they were not done via legal approaches, but by "appointment" instead.

None of the exchanges presented or have claimed to receive any lawful paperwork. The crackdown on bitcoin and other virtual currency traders was accompanied by Chinese media touting the dangers of virtual currency as a tool for criminal activities. On 8 Januarythe Secretary for Financial Services and the Treasury addressed bitcoin in the Legislative Council stating that "Hong Kong at present has no legislation directly regulating bitcoins and other virtual currencies of [a] similar kind.

However, our existing laws such as the Organised and Serious Crimes Ordinance bitcoin illegal in india news sanctions against unlawful acts involving bitcoins, such as fraud or money laundering. He also decided that bitcoins will not be regulated by HKMA. However, the authority will bitcoin illegal in india news closely watching the usage of bitcoins locally and its development overseas.

Japan officially recognizes bitcoin and digital currencies as a "means of payment that is not a legal currency" see Article of Japans's Payment Services Act PSA 25 May On 7 Marchthe Japanese government, in response to a series of questions asked in the National Diet, made a cabinet decision on the legal treatment of bitcoins in the form of answers to the questions.

The decision also acknowledges that there are no laws to unconditionally prohibit individuals or legal entities from receiving bitcoins in exchange for goods or services. Taxes may be applicable to bitcoins. According to Nikkei Asian Reviewin February"Japanese financial regulators have proposed handling virtual currencies as methods of payment equivalent to conventional currencies". The city of Hirosaki is officially accepting bitcoin donations with the goal of attracting international tourists and financing local projects.

While not illegal in the country, Korean authorities will prosecute illegal activity involving bitcoin [88] and have indicted at least one individual for purchasing drugs with bitcoin. There are no laws in South Korea regulating the use of bitcoin at present. South Korea On 12 Decemberthe president of the Bank of Korea recommended at a press conference bitcoin illegal in india news bitcoin be regulated in the future.

Bitcoin ATMs are banned here [7]: Taiwan but bitcoins can be purchased at over convenience store kiosks. Regulators have warned the public that bitcoin does not have legal protection, "as the currency bitcoin illegal in india news not issued by any monetary authority and is therefore not entitled to legal claims or guarantee of conversion".

While bitcoin is not illegal in Taiwan, financial institutions have been warned by regulators that necessary regulatory actions may be taken if they use it.

On 6 DecemberPerng Fai-nan said that bitcoin is only used in certain communities. Besides, he also opined that the value of bitcoin is a bubble and is highly volatile. Therefore, he advised the public against the speculation of bitcoins to prevent making a loss during the process.

The central bank is closely watching the development of bitcoin and plan to impose regulations in the future. It is stated that bitcoins remains highly volatile, highly speculative, and is not entitled to legal claims or guarantee of conversion.

However, despite this, three of the four major convenience store chains in Taiwan make available purchases of bitcoin through their kiosk systems, [97] and the largest chain now allows bitcoin to be used for purchases of bitcoin illegal in india news. There are no regulations related to the use of bitcoin and other cryptocurrencies in Cambodia. The National Bank has stated that cryptocurrencies are illegal in Cambodia and has instructed commercial banks in the country not to accept bitcoin and other cryptocurrencies in financial transactions.

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Updated February 07, The latest trigger for the crypto sell-off was a speech by India's finance minister Arun Jaitley on Thursday. The government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system", Mr Jaitley told parliamentarians in New Delhi.

But he also said the Indian government would explore the potentials of blockchain, the underlying technology behind bitcoin and its rival digital currencies.

This move echoes the South Korea's announcement that it plans to ban cryptocurrency trading , and China's ban on initial coin offerings ICOs — both events caused crashes in this volatile market. However, South Korean officials later clarified that an outright ban was only one of the steps being considered. Then on Wednesday, its finance minister Kim Dong-yeon confirmed his government has no plans to implement a crackdown as severe as China's.

Investors continued to sell their crypto- holdings as Facebook announced its ban on cryptocurrency advertising mid-week. Facebook's new policy states that advertising cannot promote financial products and services that are "frequently associated with misleading or deceptive promotional practices". Examples provided by Facebook include "binary options, initial coin offerings, or cryptocurrency".

Over the next few weeks, Facebook will be pulling advertisements which violate this "intentionally broad" prohibition. On the other hand, digital marketing consultant Adriana Belotti believes this new policy is so broad that it will affect legitimate businesses who are not out to mislead or deceive. Ms Belotti, who manages marketing campaigns for ICOs, said: First posted February 02, If you have inside knowledge of a topic in the news, contact the ABC.

ABC teams share the story behind the story and insights into the making of digital, TV and radio content. Read about our editorial guiding principles and the enforceable standard our journalists follow. A technical failure was behind the VAR controversy in Saturday night's A-League grand final, which saw Melbourne Victory's winning goal come from an offside position. Animal hospitals and carers are seeing more emaciated koalas, possums with dog bites and wallabies hit by cars than ever before.

By Jordan Hayne and Isaac Nowroozi. Blockbuster action, high-intensity thrills, and dashing romance may not be the first things that spring to mind when Canberra is mentioned — but still Peter Bakos wanted to know whether any Hollywood movies had been filmed here. By business reporter David Chau. Bitcoin and other cryptocurrencies plunged on news of Facebook's advertising ban and India's upcoming crackdown.

South Korea flags ban on cryptocurrency trading, rattles market. Bitcoin value slides as China slaps fundraising ban on booming cryptocurrencies. The price of Bitcoin and other cryptocurrencies fell sharply in the last week India is the latest country to consider a crackdown on cryptocurrencies Facebook imposed a new policy banning cryptocurrency advertising.

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