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Will The Us Ban Cryptocurrency

Banks In Britain And U.s. Ban Bitcoin Buying With Credit Cards

Banks In Britain And U.s. Ban Bitcoin Buying With Credit Cards

February 4, 2018 / 11:11 PM / 2 months ago Banks in Britain and U.S. ban Bitcoin buying with credit cards LONDON (Reuters) - Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other cryptocurrencies, fearing a plunge in their value will leave customers unable to repay their debts. Lloyds Banking Group Plc ( LLOY.L ), which issues just over a quarter of all credit cards in Britain, and Virgin Money ( VM.L ) said they would ban credit card customers from buying cryptocurrencies, following the lead of U.S. banking giants JP Morgan Chase & Co ( JPM.N ) and Citigroup ( C.N ). The move is aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said. Concerns have arisen among credit card providers because their customers have increasingly been using credit cards to fund accounts on online exchanges, which are then used to purchase the digital currencies. However, other banks said on Monday they will continue to allow credit card customers to buy cryptocurrencies. We constantly review our protections for customers as a responsible bank and lender, and are keeping this matter under close review, a spokeswoman for Barclays said. Barclays is Britains leading credit card issuer with a market share of around 27 percent through its Barclaycard brand. At present UK customers can use both their Barclays debit card and Barclaycard credit card to purchase cryptocurrency legitimately, the Barclays spokeswoman said. Spains second-biggest bank BBVA ( BBVA.MC ) also said it has no restrictions in place on such purchases. Last week Mastercard Inc ( MA.N ), the worlds second biggest payments network, said customers buying cryptocurrencies with credit car Continue reading >>

Credit Card Ban, Regulator Scrutiny Latest Challenges For Bitcoin

Credit Card Ban, Regulator Scrutiny Latest Challenges For Bitcoin

On Tuesday, Facebook also banned ads for cryptocurrencies. Meanwhile, worries about a regulatory crackdown are growing. The U.S. Securities and Exchange Commission has stepped up its efforts to halt cryptocurrency-related fraud, while authorities in South Korea have banned anonymous trading accounts in an effort to limit speculation. Japanese regulators are inspecting local cryptocurrency exchanges after Coincheck lost the equivalent of more than $500 million in digital currency to hackers in January. The heads of the SEC and CFTC are set to testify before the Senate Banking Committee on Tuesday. In India, the country's minister of finance, Arun Jaitley, said in a speech Thursday that the government "does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system," according to a transcript from the daily newspaper The Hindu . "Short term regulatory scrutiny may be a set-back to crypto prices, but long term professional investors need better regulation and more clear guidance regarding the crypto space," Gabor Gurbacs, director, digital assets strategy at VanEck, said. "The more regulators understand the markets, the higher the probability for regulated products, such as ETFs." The cryptocurrency had skyrocketed 2,000 percent to above $19,000 in just 12 months, fueled by a surge of investor interest and speculation of increased participation from institutions. The peak came just as CME , the world's largest futures exchange, launched bitcoin futures . Its competitor Cboe launched its own product a week earlier. Many digital currency enthusiasts expected that the launch of futures by the two major exchanges would pave the way for a bitcoin exch Continue reading >>

China Set To Block And Ban Cryptocurrency Exchanges Including Foreign Platforms

China Set To Block And Ban Cryptocurrency Exchanges Including Foreign Platforms

China Set to Block and Ban Cryptocurrency Exchanges Including Foreign Platforms China wants to wipe out cryptocurrencies by banning access to foreign trading sites, using the power of its immense firewall. China is set to try and wipe out cryptocurrency trading by blocking all websites related to initial coin offerings (ICOs) and cryptocurrency trading, including all foreign websites. The Chinese publication Financial News, which has known affiliation with the Peoples Bank of China (PBOC) published an article on Sunday night that outlines the government plans to eradicate cryptocurrency trading in the country. The Chinese government had already attempted to stop cryptocurrency trading by banning ICOs and shutting down domestic exchanges. But those measures didnt stop traders accessing foreign trading sites via the internet. The latest move will use China's formidable firewall to stop access to these sites. ICOs and virtual currency trading did not completely withdraw from China following the official ban after the closure of the domestic virtual currency exchanges, many people turned to overseas platforms to continue participating in virtual currency transactions, the article explained . It went on to say, "To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs. The increased regulation comes at a bad time for cryptocurrencies and bitcoin particularly which is experiencing a huge loss in value. Worry over future regulation has shaken the cryptocurrency world in the last month causing a massive plunge in the overall value of the market . Bitcoin is currently trading below $8000 USD down from close to $20,000 in December. China Sets Its Eyes on Creating Laser that Cleans Up Space Jun Continue reading >>

Banning Cryptocurrency Would Be As Sensible As Banning The Internet

Banning Cryptocurrency Would Be As Sensible As Banning The Internet

Banning cryptocurrency would be as sensible as banning the internet By Antoinette OGorman, opinion contributor 02/08/18 03:00 PM EST The views expressed by contributors are their own and not the view of The Hill In the early 1990s, the rise of the internet coincided with the fall of communism and the Soviet Empire. Its not a coincidence that as the internet grew in popularity and usefulness, democracies flourished around the world. The potential of the internet transcended borders and helped to change the worlds geopolitical structure. However, as internet adoption proliferated, a number of negative uses cases emerged, sparking consumer protection concerns amongst regulators and governments. This isnt much different from the early days of virtual currency when bitcoin was associated with drugs, guns and Silk Road. In the case of the internet, officials and activists began calling for a blanket ban, not understanding the key role it would play in building a global community. Luckily, collaboration between countries and the World Wide Web Consortium (W3C) led to the creation of a global framework for electronic commerce in 1997, paving the way for internet adoption and growth. People realized that a ban on the internet would have choked innovation and made the world less connected. Unfortunately, if the loudest naysayers of virtual currency get their way, thats exactly what will happen. Consumer interest in virtual currencies and the distributed ledger technology that powers them exploded in 2017, pushing prices to all-time highs, spurring increased consumer interest and new concerns amongst regulators. This culminated in the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) testifying before Congress. In Europe, France and Continue reading >>

Bitcoin Price Warning: 'it's A Huge Risk!' Governments Could Ban Cryptocurrencies

Bitcoin Price Warning: 'it's A Huge Risk!' Governments Could Ban Cryptocurrencies

Bitcoin and the cryptocurrency craze is soaring, but governments are not jumping on the bitcoin bandwagon just yet and could even ban the digital currencies, Mike Bell, global market strategist at JPMorgan Asset Management warned. Speaking to Bloomberg , he said: I think thats the main problem with it. If youre trying to avoid the government, ultimately its under threat from huge regularity risk because theres concern around money laundering and everything else. I think theres a big risk from governments banning these currencies eventually. Bell warned that investors should be cautious about investing in cryptocurrency. He said: I just think that investors should be very cautious looking these cryptocurrencies. You need to distinguish the technology underlying them in blockchain and these cryptocurrencies which, unless they actually have some claim on a business, and are some kind of equities stake, are for all intents and purposes very hard to value . I think it would be very unwise to put any money that you cant afford to lose into these currencies. Bell is not the first expert to warn against jumping too quickly on the bitcoin bandwagon. Luke Hickmore, senior investment manager at Aberdeen Standard Investment warned that cryptocurrencies are not something to gamble with. Speaking to Bloomberg, he said: I still think its too high. Its a useful technology, its a difficult to value asset. I would happily see this down at $1,000 instead of $11,000. Dont go chasing bitcoin to get your gambling habit sorted today, dont go chasing bitcoin if youre investing long-term. Bitcoin fell 4.59 percent to $10,826.92 at 8:16am in London, according to CoinDesk.com Ripple dropped 1.26 percent to $1.18 at 8:16am in London and ethereum was down 5.58 percent to $994.871 at 8:17am in Lond Continue reading >>

Why The Us Government Wants To Bring Cryptocurrency Out Of The Shadows

Why The Us Government Wants To Bring Cryptocurrency Out Of The Shadows

Why the US government wants to bring cryptocurrency out of the shadows The IRS has issued a summons for data on millions of users of the bitcoin exchange Coinbase, but some are dismayed by sweeping nature of the request The anonymity of cryptocurrency makes it a headache for governments, who worry the currency is being used for drug dealing, money-laundering or tax evasion.Photograph: Benoit Tessier/Reuters Why the US government wants to bring cryptocurrency out of the shadows The IRS has issued a summons for data on millions of users of the bitcoin exchange Coinbase, but some are dismayed by sweeping nature of the request Last modified on Friday 14 July 2017 14.12EDT A US government request to trawl through the personal data of millions of users of the cryptocurrency exchange Coinbase signals the start of an effort to pull digital currencies like bitcoin into the mainstream, experts have said. The John Doe summons, a broad order for data on all Coinbase users in 2013, 2014 and 2015, was filed by the Internal Revenue Service (IRS) in a federal court in California on 17 November. In the summons, the IRS said that all of Coinbases users in that period have not been or may not be complying with US internal revenue laws. Coinbase has said it will fight the request in court. City banks plan to hoard bitcoins to help them pay cyber ransoms Cryptocurrencies digital assets which exist entirely online but are exchangeable for goods or services have grown in popularity in recent years, in part because they grant a degree of user anonymity. Coinbase is the largest bitcoin exchange and its best-known brand. But user confidentiality has also caused headaches for governments, who worry the currencies are being used for drug dealing, money laundering or tax evasion. Digital currencie Continue reading >>

Bitcoin Bans - Bitcoin

Bitcoin Bans - Bitcoin "banned" By 8 Countries

Officials of the Peoples Republic of China announced in 2017 that the country will use their own digital currency. Bitcoin is thus rapidly depreciating as it is likely that the use of digital currencies such as Bitcoin will be banned in the country and that the official digital currency developed by Chinas Central Bank will be used. Exchanges around the world are reporting trading records, the Bitcoin price has reached three-year highs, and even the mainstream media is feeling Bitcoin fever. Yet, not every nation in the world is enamored with The Internet of Money, as the South American nation of Colombia has decided to end 2016 by banning Bitcoin usage, domestically. Continue reading >>

Can Any Government Ban Bitcoin?

Can Any Government Ban Bitcoin?

Bitcoin has been around the fringes of financial markets for less than a decade, but is slowly gaining prominence as an alternative asset class. Can the government of any major country step in and do the unthinkable ban Bitcoin? Bitcoin has been around the fringes of financial markets for less than a decade, but is slowly gaining prominence as an alternative asset class. Can the government of any major country step in and do the unthinkable ban Bitcoin ? Flashback Holding Gold Bullion is a Crime Those who think that no government (except those run by tinpot dictators) would take the extreme step of banning Bitcoin need a lesson in history. There was a time when holding gold bullion was a crime in America , punishable by a sentence of up to ten years in prison. In 1933, American President Franklin D Roosevelt issued an order requiring all Americans to hand over their gold holdings to the Federal Reserve Bank. The ban on owning gold remained in place for more than four decades, before President Ford legalized gold ownership. This move was made easy by the fact that America had abandoned the gold standard a short while prior and hence had no need to own vast quantities of gold to back up the amount of currency it printed. Another oft-repeated argument against a ban on Bitcoin is that in the age of the globalized internet economy, individual governments lack the authority and power to act against a decentralized currency like Bitcoin. However, we only have to look at how China has bent even the Internet to realize that this is not the case. By a mix of government legislation and the blocking of popular foreign websites by the Chinese internet service providers, the Chinese government has tried to limit the Chinese to a walled garden , instead of viewing the whole world wid Continue reading >>

Beijing Bans Bitcoin, But When Did It All Go Wrong For Cryptocurrencies In China?

Beijing Bans Bitcoin, But When Did It All Go Wrong For Cryptocurrencies In China?

Beijing bans bitcoin, but when did it all go wrong for cryptocurrencies in China? Beijing bans bitcoin, but when did it all go wrong for cryptocurrencies in China? PUBLISHED : Monday, 05 February, 2018, 8:25pm UPDATED : Tuesday, 06 February, 2018, 10:34pm Bitcoin mania puts cryptos in sight of world finance chiefs With the announcement that it plans to block all websites related to cryptocurrency trading and initial coin offerings including foreign platforms Beijing has left no one in any doubt of its position on the highly volatile commodity. But its views on the currency, or asset class depending on your point of view has not always been so fervent, as this timeline shows: China to stamp out cryptocurrency trading completely with ban on foreign platforms Bitcoin is barely on the radar of financial regulators as China adopts a relatively hands off approach to the cryptocurrency. The Peoples Bank of China (PBOC) and four other financial regulators issue a joint notice outlining the risks associated with bitcoin. Beijing states that it is not a currency, and prohibits banks and other financial institutes from trading in it. At the same time, the government acknowledges the cryptocurrency as a commodity traded online and allows the public to buy and sell it as they please, with its only proviso being that they do so at their own risk. Central bank governor Zhou Xiaochuan describes bitcoin as an asset class like rare stamps and says the government is not even considering banning it. The PBOC says it plans to issue a sovereign digital currency that could help to reduce the cost of circulating banknotes, promote economic activity and aid the fight against money-laundering. The Chinese bitcoin mining machine sellers immune to the cryptocurrency crackdown After conducting inv Continue reading >>

Bitcoin Tanks As Facebook Bans Cryptocurrency Adverts

Bitcoin Tanks As Facebook Bans Cryptocurrency Adverts

Bitcoin tanks as Facebook bans cryptocurrency adverts Bitcoins price fell by more than 10pc to trade as low as $9,810 (6,940), its lowest for two monthsCredit:Chris Ratcliffe/Bloomberg Bitcoins price slumped on Tuesday night as Facebook announced it would ban adverts promoting cryptocurrencies and US authorities launched a probe into a large online exchange. Facebook announced a new policy prohibiting adverts that relate to cryptocurrencies or initial coin offerings (ICOs) from the 2bn-user social network, saying they are frequently associated with misleading or deceptive promotional practices. Adverts for cryptocurrency-related investments have leapt in recent months as Bitcoin prices have skyrocketed, but many are feared to be scams. Meanwhile, it emerged that the Commodity Futures Trading Commission (CFTC) has subpoenaed Bitfinex, a popular US website for buying and selling... Register or log in to view this and other Technology Intelligence articles. It's free and easy to do. Access brilliant stories, features and analysis Sign up to our exclusive Technology Intelligence daily newsletter Become part of our ambitious new Tech networking community Continue reading >>

China And Lloyds Ban Cryptocurrency: Why Cryptocurrency Is Falling Today | City & Business | Finance | Express.co.uk

China And Lloyds Ban Cryptocurrency: Why Cryptocurrency Is Falling Today | City & Business | Finance | Express.co.uk

Any and all websites offering cryptocurrency trading services or advertising the digital currency market have been scrubbed from search engines and social media in China in a bid to wipe out the trade. Authorities have already banned ICOs and domestic exchanges and are now blocking access to both domestic ands foreign services to prevent financial risk. China has a long tradition of blocking unwanted websites thanks to the so-called Great Firewall of China and it seems this process could now extend to blockchain technologies in 2018. A source from Peoples Bank of China-affiliated Financial News said: Overseas transactions and regulatory evasion have resumed. Bitcoin price BOOST: Expert reveals crypto is not going away Risks are still there, fuelled byillegalissuance, and even fraud and pyramid selling. The central bank reportedly said it would tighten regulations on Chinese peoples participation in overseas cryptocurrency transactions and ICOs. On September 4 last year, the central bank and six government ministries issued a joint statement ordering the shutdown of all ICO platforms in China by the end of that month. But a later report revealed traders had simply switched to offshore internet platforms to continue participating in the markets. Bitcoin news: Will Bitcoin go back up? Cryptocurrency CRASHING amid Lloyds and China ban Now a further crackdown could be on the cards with the latest firewall blanket ban. The potential ban in China comes after banks in Britain and the United States banned the use of credit cards to buy Bitcoin and other cryptocurrencies. Lloyds, Britain's biggest lender, said it would ban its credit card customers from buying crypto following the lead of US banking giants JP Morgan Chase & Co and Citigroup. Compare crypto currencies (Ripple, Bi Continue reading >>

Twitter Bans Cryptocurrency Advertising, Joining Other Tech Giants In Crackdown

Twitter Bans Cryptocurrency Advertising, Joining Other Tech Giants In Crackdown

Twitter bans cryptocurrency advertising, joining other tech giants in crackdown Twitter will follow Google and Facebook's lead in banning cryptocurrency ads. "Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally," says a Twitter spokesperson. Global regulators including the SEC are also addressing potential risks in ICOs. Published 12:38 PM ET Mon, 26 March 2018 Chris Ratcliffe | Bloomberg | Getty Images Twitter announced Monday it will ban advertising for cryptocurrencies, joining advertising giants Google and Facebook in a wider crackdown that aims to protect investors from fraud. "We are committed to ensuring the safety of the Twitter community. As such, we have added a new policy for Twitter Ads relating to cryptocurrency," a Twitter spokesperson told CNBC Monday. "Under this new policy, the advertisement of Initial Coin Offerings (ICOs) and token sales will be prohibited globally." Possibilities of a ban were reported last week. Bitcoin prices fell near the $7,000 level following that news, then recovered $700 in less than three hours the same day. Twitter's announcement Monday echoes other tech giants' policy changes. Google , the world's largest online ad provider, announced an update to its financial services policy earlier in March that will restrict advertising for "cryptocurrencies and related content" starting in June. Bitcoin fell 12 percent in late January after Facebook , the world's second-largest online ad provider, said it would ban all ads that promote cryptocurrencies to prevent the spread of what it called "financial products and services frequently associated with misleading or deceptive promotional practices." Global regulators have taken note of potential risks in initial coin offe Continue reading >>

Banks Banning Cryptocurrency Purchase On Credit Cards, Why?

Banks Banning Cryptocurrency Purchase On Credit Cards, Why?

Banks Banning Cryptocurrency Purchase On Credit Cards, Why? Another blow for the crypto-traders: A sizablenumber of banks are not allowing their customers to use their credit cards to buy cryptocurrencies. This had been triggered over the weekend when U.S. banks Bank Of America, Citigroup, JP Morgan, Capital One and Discover banned their customers from purchasing cryptocurrencies. Buttake this declaration with a pinch of salt. Could there be something bigger coming? We know that JP Morgan, Berkshire Hathaway and Amazon teamed up to form an independent health care company. Nothing can be factored out, but lets stay with the subject on hand. Back in January, Visa ended its relationship with a renowned cryptocurrency currency card provider and thousands of people suffered as a result of that.This, however, was a one-off case, where Wave Crest didnt comply with Visas rules and the company pulled the plug.Nonetheless, the news created enough bad press and gave traders the notion that cryptocurrencies would perhaps not be that easily transferred to fiat or readily spendable. In the U.K., the first announcement came from the Lloyds banking group. The ban expands to MBNA, Halifax, Bank of Scotland customers. Crypto exchanges, such as Coinbase, allow users to fund their crypto accounts by using credit cards.However, exchanges typically have daily limits. This limit does not allow users to fund their account more than 500 per day if you are funding your account in GBP. Banks have been against the concept of the cryptocurrency and only now they are catching up with the concept of the blockchain technology. Remember, Bitcoin brought the blockchain technology on everyones radar. Banks have used excuses such as higher volatility and money laundering to play down the concept of crypt Continue reading >>

Bitcoin Is Tanking After Google Says It Will Ban Cryptocurrency Ads

Bitcoin Is Tanking After Google Says It Will Ban Cryptocurrency Ads

Bitcoin prices briefly fell below $8,000 on Wednesday following news that Google , the world's largest online ad provider, plans to ban cryptocurrency advertising. Facebook, the second largest online ad provider, took similar action in January. Tech giant Google announced an update Wednesday to its financial services policy that will restrict advertising for "cryptocurrencies and related content" starting in June. Bitcoin fell 12 percent in late January after Facebook announced it would ban ads on "binary options, initial coin offerings and cryptocurrency." The social media giant said it would prohibit ads for financial products and services "that are frequently associated with misleading or deceptive promotional practices." The symbols of Bitcoin and Ethereum cryptocurrencies sit displayed on a screen during the Crypto Investor Show. A report of a Commodity Futures Trading Commission subpoena on major cryptocurrency exchange Bitfinex and an Securities and Exchange Commission emergency asset freeze on an initial coin offering added to negative sentiment that day. Despite the news Wednesday, Brian Kelly, CEO of BKCM, said the crackdown could be an upside for digital currencies. "It's a good thing for the industry, Facebook and Google ads were always a red flag for me," Kelly said. "It's not having any impact on price." Kelly attributed the downward moves to more global regulatory fears. "Selling is driven by fear of another China ban, supposedly coming in next 24 hours," Kelly said. "My view is it will be a nothing burger since China has been banning bitcoin since 2013." Separately, a House Financial Services subcommittee is set to hold a hearing on cryptocurrencies and initial coin offerings Wednesday. Bitcoin prices dropped from above $11,000 to below $9,000 last week Continue reading >>

Major Australian Banks Will Not Ban Cryptocurrency Related Transactions

Major Australian Banks Will Not Ban Cryptocurrency Related Transactions

Our Quarterly Report incorporates unique data on trading volumes and traders, in-depth insights, special guest articles, regional information, regulations, updates and much more. This exclusive report aims to serve as a manual, answering all of the questions on the Chinese multi-asset trading industry that you were always afraid to ask. Continue reading >>

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