Chinese social network WeChat recently announced a ban on services related to cryptocurrencies and non-fungible tokens (NFT).

Through the updating of its policies, the Chinese platform restricted the publication of this type of content, indicating that those who incur in this type of act will fall into the category of “illegal business”.

“Accounts that provide services or content related to the secondary transaction of digital collections will also be treated in accordance with this article,” highlights part of the new regulation.

In case of incurring in these acts, WeChat will give an estimated term for them to rectify as well as restrict some functions of the accounts. In case of persisting, the account will be closed permanently.

Popular platforms like WeChat and WhaleTalk, owned by the Ant group, have distanced themselves from the technology since March, after both began removing or restricting NFT platforms from their networks over a lack of regulatory clarity and fears of crackdowns from Peking.

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Source: Cointelegraph

La entrada WeChat bans crypto-related accounts apareció primero en Bitfinance.

China announced the tightening of measures against cryptocurrencies, which continues with its policy of considering them illegal as established in September of last year.

In updating its laws, it is highlighted that raising funds using digital currencies will be considered an illegal act, as indicated by the Supreme People’s Court of China in an official statement.

Penalties will depend on the amount collected. A figure greater than approximately 150 dollars will be considered a large amount, while if it exceeds 8 million dollars, the stipulated penalty is 10 years in prison, as it is a serious offense. As for the economic sanction, this could reach 80,000 dollars according to some initial estimates, but the most severe of the penalties is undoubtedly imprisonment.

Last year, the Chinese central bank declared illegal any activity related to virtual currencies, both transactions between companies and individuals, even affecting their advertising.

Despite all this, the Chinese government maintains its north in investing in its own digital currency, the digital yuan, with which it intends to create a centralized business model that provides total control of the cryptocurrency market in China.

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Source: Cointelegraph

La entrada China applies tougher measures against cryptocurrencies apareció primero en Bitfinance.

Despite the fact that Russia prohibits payment with cryptocurrencies due to a law that took effect at the beginning of the year, the nation does not plan to restrict trading among its citizens.

The Deputy Minister of Finance of the Russian Federation, Alexey Moisev, assured that citizens will be able to continue buying and using digital assets outside the region without this implying any threat or legal action.

“Russian citizens can have an open wallet outside the Russian Federation, but if they operate within the Russian Federation they will be subject to bans, I think, for the entire foreseeable future, due to our financial sovereignty,” Moiseev said.

On the other hand, the deputy minister indicated that it is necessary for lawmakers to adequately define the concept of cryptocurrency and blockchain technology within the Russian civil code.

Russia’s position contrasts with that of China, where financial and regulatory institutions have repeatedly issued statements and policies against crypto assets. Recently, the People’s Bank of China declared that all cryptocurrency transactions in the country were illegal, and before that, miners from various provinces fled when faced with a crackdown on their operations.

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Source: Cointelegraph

La entrada Russia does not plan to follow China’s cryptocurrency line apareció primero en Bitfinance.

China announced a ban on financial institutions and payment companies to provide any type of service related to cryptocurrencies.

From now on, banks and online payment channels will not be able to offer their customers any services that relate to cryptocurrencies such as registration, trading, clearing and settlement.

“Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading has rebounded, seriously infringing on the security of people’s property and disrupting the normal economic and financial order,” the agencies said.

The statement also highlighted the risks of trading digital assets, saying that virtual currencies “are not backed by real value,” their prices are easily manipulated, and trading contracts are not protected by Chinese law.

The three industry bodies are the China National Internet Finance Association, the China Banking Association, and the China Payment and Clearing Association.

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Source: Reuters

La entrada China bans offering cryptocurrency services apareció primero en Bitfinance.

Anonymous sources claim that the Indian government would be preparing a bill that would force cryptocurrency holders to liquidate their assets within six months.

In case they do not follow the measure the government could take the power to apply fines, as well as establish a committee to request jail time of up to 10 years.

It is known that Indian authorities are not very fond of cryptocurrencies. Thus, if confirmed, all this action would be considered the most severe one in the country so far.

The bill is expected to criminalize the possession, issuance, mining and trading of cryptocurrencies. Many consider that these actions come in the worst of times since bitcoin, and other crypto assets are presenting quite a few movements in the market.

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Source: Panampost

La entrada India could penalize the use of cryptocurrencies apareció primero en Bitfinance.