China Wants to Close Foreign Exchange Access Again

Chinese authorities continue their cryptocurrency trading regulation actions
28 February 2018   299

The Chinese authorities continue to struggle with crypto-currencies. They turn their views to the platforms, that allow to trade on the foreign exchanges. This is reported by Bloomberg referring to the source familiar with the situation.

Regulators intend to carry out verification of accounts in Chinese banks and payment systems belonging to individuals and legal entities suspected of organizing trades on foreign crypto exchanges  The assets of the owners of these accounts can be blocked, and they themselves can be denied service.

These measures are aimed at further reducing the number of possible options, which may be used by Chinese citizens who want to buy a crypto currency. To circumvent the ban imposed last year, some companies have opened offshore platforms that allow residents of the country to buy crypto-currencies with the help of bank accounts and payment applications. The source does not give specific figures and names of the platforms, but we can assume that we are talking about such exchanges as Huobi and OKEx, which continue to bind sellers and buyers of crypto-currencies

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.