Central bank warnings about crypto assets may give the impression that cryptocurrency is illegal, especially since these entities often cite reasons as to why they’re uncomfortable with virtual currencies encroaching on their turf. But their assertions are often inaccurate, particularly when it comes to determining the legality of cryptocurrency. Also read: Jamaica Stock Exchange Plans to […]
The post Just Because Cryptocurrency Isn’t ‘Legal Tender’ Doesn’t Make It Illegal appeared first on Bitcoin News.
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The Bank of Zambia has started to clamp down on cryptocurrency-related businesses, mere days after declaring that it does not view digital coins such as BTC as legal tender. The crackdown began on Oct. 14, when the central bank announced an investigation into Heritagecoin Resources Ltd. for allegedly laundering money, according to local media reports. […]
The Zambian central bank said on Oct. 12 that cryptocurrencies like bitcoin core and bitcoin cash aren’t legal tender, cautioning that those transacting in such will have no one to blame in the event of market failure. It appears that the bank issued the decree because, as a traditional issuer of the depreciating local fiat […]
Since the inception of cryptocurrency, some critics have dubbed it “just another fiat money.” This has been the wail of anti-crypto combatants. They have succumbed to grasping at straws in order to manufacture any rebuttal against the thing they loathe. It doesn’t matter how valid the argument is so long as it satisfies their desire […]
In recent regulatory news, Chinese authorities have issued a warning seeking to encourage citizens to be skeptical regarding the promotional claims of illegal fundraising schemes operating with cryptocurrencies, Singapore Exchange and the Monetary Authority of Singapore have partnered with Anquan, Deloitte, and Nasdaq to settle tokenized securities using distributed ledger technology, and Hungary’s finance ministry […]
This month the International Monetary Fund (IMF) released a report on global monetary policy in the digital age which explains that “crypto assets may one day reduce demand for central bank money.” The IMF study was written after an IMF staff discussion that details that cryptocurrencies could someday lower the demand for fiat currencies by […]
Venezuela’s president Nicolas Maduro has invited all OPEC nations to jointly develop a platform for the trading of oil-backed cryptocurrencies. Venezuela is preparing for a pre-sale of the petro, its oil-backed cryptocurrency which can be used to pay national taxes, fees, and public services. Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies […]
India’s Finance Minister, Arun Jaitley, has confirmed that the country’s government will not recognize cryptocurrencies as legal tender, adding that authorities will seek to ramp up efforts to “eliminate” the use of virtual currencies in illicit transactions. Mr. Jaitley’s comments have been misconstrued and embellished throughout the mainstream media, with numerous reports proclaiming that India’s […]
A bill has been submitted to the Russian parliament to make the country’s national “cryptocurrency,” the cryptoruble, legal tender in Russia. This bill was introduced as the finance ministry published a different bill for the regulation of cryptocurrencies and initial coin offerings in Russia. Also read: Russia Finalizes Federal Law on Cryptocurrency Regulation Cryptoruble as Legal Tender […]
Over the past few weeks, regulators and financial institutions have been reacting to the worldwide popularity of bitcoin and other cryptocurrencies. In another regulatory-related matter, this week in Kuala Lumpur, Malaysia, the trading platform Luno had its bank account frozen by the country’s tax officials. Also read: Federal Reserve Chair: “Fed Doesn’t Really Play Any […]