Ban

Because of the threat that cryptocurrencies have brought to the finance industry, some countries, including China, have come out to ban them, due to the reasons well known to their authorities.

The ban by Apple and Google of decentralized applications (DApps) is getting serious.

Last week on Friday, the Central Bank of the Russian Federation made a negative statement against Bitcoin (BTC) and other cryptocurrencies, stating that their fiat currency known as the ruble should be the country’s only legal tender instrument.

Recently, the United States Senate Committee on Banking Affairs had a hearing on bitcoin, cryptocurrency and blockchain regulation and appreciated the thrilling difficulties in effecting a cryptoasset ban.

The Indian Inter-Ministerial Committee (IMC) was created to evaluate the potential of bitcoin and other cryptocurrencies so it can work productively. IMC admits the competencies of blockchain technologies but went ahead to recommend a blanket ban on all individual digital currencies existing in the country including Bitcoin, the world’s oldest altcoin.

The government of India seems to be confused when it comes to the previous bitcoin and cryptocurrency ban. Last year, the government made it clear that whoever is caught illegally participating in the mining, buying or selling of cryptocurrencies, he or she will be jailed for around 10 years, according to the draft "Banning of Virtual Currency Restrictions and Official Cryptocurrency Regulation Bill 2019". With the help of VPN, citizens continued to deal in cryptocurrencies and nothing was done to them. Now, the authority has come out to show its position on this matter, by revealing that the financial authorities have imposed no restrictions yet on digital currency dealings.

The Asia region is known for its contradictory relationship towards blockchain technology plus cryptocurrency and its decentralized nature. Some countries such as China, Japan, Singapore, Hong Kong, South Korea, etc., embrace it for its innovativeness and disruptive potential, while others try to strictly regulate or even ban it.

Google has ordered advertising of the Facebook brand on Coinidol.com, one of the world’s leading cryptocurrency news magazines, despite Facebook’s ban of most cryptocurrency advertising since January 2018. This move is evidence that Facebook is looking for support from the world crypto community to gain trust in its new cryptocurrency FaceCoin (allegedly named Libra or GlobalCoin), that is announced to be issued in Q1 2020.

Research conducted by Southern Methodist University showed that trends on Twitter and Google influence prices of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).