Singapore Sees No Reason to Ban Cryptocurrency Trading

Singapore Sees No Reason to Ban Cryptocurrency Trading

Singapore doesn’t view Bitcoin as a menace and claims there isn’t a cause to ban cryptocurrency buying and selling throughout the city-state.

Why so Serious?
As China steps up its efforts to eradicate Bitcoin shopping for and cryptocurrency buying and selling from inside its borders, Singapore sees no cause to ban “experimental” cryptocurrency buying and selling within the city-state.

The information comes after an intensive assessment from Singapore’s central financial institution, who has been conducting research on cryptocurrencies and their potential dangers. Deputy Prime Minister Tharman Shanmugaratnam says:
Cryptocurrencies are an experiment. The quantity and totally different types of cryptocurrencies is rising internationally. It is just too early to say if they’ll succeed […] If some do succeed, their full implications may also not be identified for a while.
Regardless of whether or not or not Bitcoin and different cryptocurrencies succeed, Shanmugaratnam doesn’t see them as a menace to Singapore, writing:
The Monetary Authority of Singapore (MAS) has been intently finding out these developments and the potential dangers they pose. As of now, there isn’t a sturdy case to ban cryptocurrency buying and selling right here.
With an ever-flowing flood of FUD (Fear, Uncertainty, and Doubt) from mainstream media shops relating to Asian cryptocurrency buying and selling, Singapore’s open stance comes as welcome information.

One Country’s Trash Is Another Country’s Treasure
Singapore is definitely poised to learn from China’s elevated stress on cryptocurrency buying and selling. According to Cathay Capital’s Ace Yang:
It’s optimistic information for Japan and Singapore, as a result of demand for taking part in buying and selling isn’t diminishing and merchants have gotten to go someplace.
Additionally, many Chinese cryptocurrency exchanges have already packed up and moved to Singapore, the place they will at the moment function in a city-state that’s much more open to buying and selling the rising digital currencies.
Are you content to listen to that Singapore sees no cause to ban cryptocurrency buying and selling? Do you suppose this story shall be given as a lot media consideration because the FUD out of South Korea and China? Let us know within the feedback beneath!

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FUD Storm Continues as China Steps Up Pressure Against Cryptocurrencies

FUD Storm Continues as China Steps Up Pressure Against Cryptocurrencies

Following false fears of a Bitcoin ban in India, the FUD storm continues as China appears to be like to fully eradicate cryptocurrency buying and selling—however can they succeed?

Chinese FUD Strikes Again
It’s been a tough month for Bitcoin and the cryptocurrency market. The value of the dominant cryptocurrency has dropped under $8,000, and plenty of altcoins have suffered much more important losses, following a seemingly countless flood of FUD (Fear, Uncertainty, and Doubt) from mainstream media shops.
Now, it seems the FUD of the day is that China, already notoriously unfriendly in direction of cryptocurrency, is able to block all entry to cryptocurrency buying and selling web sites and preliminary coin choices (ICOs) by using its infamous Great Firewall of China.

The troublesome story comes primarily from Financial News, a publication affiliated with the People’s Bank of China (PBOC), which is quoted as stating:
To stop monetary dangers, China will step up measures to take away any onshore or offshore platforms associated to digital foreign money buying and selling or ICOs.
Since then, commercials for cryptocurrencies have reportedly stopped showing on each Baidu and Weibo—China’s largest search engine and social media platform, respectively.
Scaling the Wall
Though China continues to be an enemy of cryptocurrency, it stays to be seen whether or not or not their elevated measures have a better impact than their already-instituted home ban.
According to the South China Morning Post, the PBOC-affiliated article admitted that latest makes an attempt to eradicate digital currencies by shutting down home exchanges haven’t labored in addition to deliberate, quoting:
ICOs and digital foreign money buying and selling didn’t fully withdraw from China following the official ban … after the closure of the home digital foreign money exchanges, many individuals turned to abroad platforms to proceed taking part in digital foreign money transactions. Overseas transactions and regulatory evasion have resumed.
The Financial News’ article additionally spins the deliberate ban as being for the safety of the nation’s residents, stating:
Risks are nonetheless there, fuelled by unlawful issuance, and even fraud and pyramid promoting.
China has already banned ICOs and home cryptocurrency exchanges, however many keen traders contained in the nation have discovered workarounds. According to Donald Zhao, a Bitcoin dealer who moved to Tokyo following China’s home ban, China’s new laws may achieve making it even more durable for people to avoid the legislation:
It is frequent for folks to make use of VPNs [virtual private networks] to commerce cryptocurrencies, as many alternate platforms relocated to Japan or Singapore … I feel the brand new transfer actually means it could be even more durable to avoid the ban in China … folks selling associated enterprise programmes could also be arrested.
Still, the place there’s a will, there’s a method, and individuals who actually need to commerce cryptocurrencies will probably figure out how to take action in secret.

Though stricter laws in China aren’t going to assist the market recuperate any sooner, it’s value mentioning that different nations are set to profit. According to Cathay Capital’s Ace Yang:
It’s optimistic information for Japan and Singapore, as a result of demand for taking part in buying and selling shouldn’t be diminishing and merchants have gotten to go someplace.
What do you concentrate on China’s declare to extend measures in opposition to cryptocurrency buying and selling? Do you suppose it would have any long-term results, or is it simply one other case of FUD? Let us know within the feedback under!

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China Increases Pressure on Crypto Traders

China Increases Pressure on Crypto Traders

Markets are tumbling throughout Asian buying and selling as we speak as fears escalate of additional clampdowns throughout the area. Authorities in China appear hell-bent on stopping their residents buying and selling in cryptocurrencies, which can have sparked a wave of panic promoting throughout the board.

According to stories, the Chinese authorities plans to widen its crackdown on home crypto buying and selling by concentrating on strategies for doing so, together with over-the-counter buying and selling, offshore websites used for centralized buying and selling, and peer-to-peer buying and selling of enormous transactions.

Access Denied
The report on the state-run Securities Times cites sources on the Leading Group of Internet Financial Risks Remediation, China’s high internet-finance regulator. While no specifics on the crackdown had been included, it has been broadly speculated that the web police would block entry to native and worldwide platforms that present crypto buying and selling. China is likely one of the most closely censored nations on the earth, and its ‘Great Firewall’ already filters all internet site visitors that the totalitarian communist occasion doesn’t need its residents to see.
The crackdown additionally targets individuals who present bids and gives for crypto trades in massive quantities.
Alternative Methods
To keep away from the ever current internet of censorship and restriction in China, customers have flocked to the messaging app Telegram to commerce in teams, negotiating costs immediately. Vice governor of the Chinese central financial institution, Pan Gongsheng, informed Reuters that China will proceed to use stress on home crypto trades for the sake of monetary stability. He went on to state:
 Pseudo-financial improvements that haven’t any relationship with the true financial system shouldn’t be supported.

It will not be the primary time China has cracked down on crypto. A ban on exchanges in September despatched the markets right into a free fall, however they quickly recovered. A latest clampdown on Bitcoin mining created an exodus as China-based firms and mining syndicates moved their operations to friendlier nations.  A variety of China’s main crypto exchanges, corresponding to Huobi and OKCoin, shifted operations abroad to Hong Kong the place extra freedom is granted. Huobi can also be planning to arrange two crypto exchanges in Japan, which is way extra open to cryptocurrencies this 12 months.
Fears are additionally rising over additional clampdowns in South Korea. However, no such motion has been taken on the time of writing. Markets proceed on a downward slide, and practically all altcoins are down by round 20% up to now 24 hours. Bitcoin has dropped from $14,900 to $11,200 as its downward correction continues. Some analysts say it may go as little as $8,000 earlier than exhibiting any indicators of restoration.
Will merchants in China discover a means across the fixed restrictions? Add your ideas within the feedback under.

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