Ban

Facebook is lifting its total ban on cryptocurrency ads that was implemented in January this year. After six months of assessment,  the company chose to let some cryptocurrency ads on its platform but advertisers have to place in a request form with all their business details and the forms of cryptocurrency content to be advertised.  

The Reserve Bank of India replied to an enquiry looking for explanations for its rationale to proscribe banks from dealing with the cryptocurrency industry and acknowledged that it did not conduct any research anterior to its precludable action.

Eric Ly, one of the co-founders of social media giant LinkedIn, is convinced the ban on ICO ads across social media and search engines is temporary. We look deeper at his reasoning here.

Google, along with other large-scale internet platforms, announced its decision to put a ban on digital currency advertisement in March. With the new policy having come into effect starting June 1, fintech experts have already called this decision “ill-thought-out and potentially even unethical”, according to The Independent.

According to a report on the Hanoi Times, Vietnam’s Ministry of Finance (MoF) wants to suspend the importation of digital currency mining hardware. The reason for the ban is allegedly a large scam where more than 32,000 investors lost almost $660 million.

According to Business Korea, the National Assembly has made a move to legalize the local use of initial coin offerings (ICOs). The official recommendation comes after a total ban on the financial technology in September last year. The country’s financial market’s lack of proper regulations has seen domestic businesses moving abroad.

The Indian government is expected to impose a tax on cryptocurrency trading, Bloomberg reported on May 23. An 18-percent Goods and Services Tax (GST) is being investigated by the Central Board of Indirect Taxes and Customs. Then the final decision has to be made by the GST Council.

Cryptocurrency ads were not treated friendly by a number of the world’s biggest companies on the financial market, including Facebook and Google. Developed and operated by Microsoft, the Bing platform joined the movement and decided to ban crypto tokens ads starting from July 2018.

Welcome back to Coin Idol TV news channel. We are featuring a news digest as of May, 16, covering the following topics: Thailand enforces cryptocurrency legal framework, Indian cryptocurrency entrepreneurs protest against cryptocurrency ban.