Regulations

Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures

25/03/2020 by Idelto Editor

In this roundup, we cover crypto regulatory developments amid the global crisis effected by the coronavirus outbreak, bank closures, interest rate cuts, and plunging stock markets. Through it all, governments worldwide are still focusing on cryptocurrency regulation, including the U.S., South Korea, India, and Russia.

Also read: Bitcoin Legal in India — Exchanges Resume INR Banking Service After Supreme Court Verdict Allows Cryptocurrency

US: Proposal to Issue Two $1 Trillion Coins, Covid-19 Responses, State Cryptocurrency Bills

Governments worldwide are in a panic mode as the number of covid-19 cases has skyrocketed, bringing many industries to a standstill. In the U.S., the Federal Reserve has slashed interest rates to 0% and launched unlimited QE, but the moves have failed to impress the markets so far. Some financial institutions, facing cash shortages, are imposing withdrawal limits, which threatens the risk of a bank run.

An attempt to solve the economic problem was proposed by U.S. Rep. Rashida Tlaib, who wants the U.S. Treasury to mint two trillion-dollar platinum coins. Her new “Automatic Boost Act” claims it will not add any debt to anyone thanks to the ideas behind Modern Monetary Theory. Some supporters of this theory believe that it can attract crypto proponents, as news.Bitcoin.com explained.

Several U.S. states have independently pushed ahead with their own crypto bills. The state of Illinois has advanced a bill to allow its Treasury to seize cryptocurrencies left unclaimed at custodians after five years. The state of Hawaii is looking for cryptocurrency companies to join its first regulatory sandbox for digital currency, launched on March 17. Applicants can apply until May 1.

In Rhode Island, House Bill 7989, entitled “Rhode Island Economic Growth Blockchain Act,” was introduced on March 11. The bill “Establishes an economic growth blockchain act, set regulations for the sale of hemp, regulate virtual and digital assets and establish depository banks for these purposes,” its summary details. On the federal level, Rep. Paul Gosar introduced the Crypto-Currency Act of 2020 on March 9 while under a coronavirus self-quarantine.

Meanwhile, the New York State Department of Financial Services is requiring each regulated institution, including crypto companies, to submit a response describing their plans to address the operational and financial risk posed by the covid-19 outbreak. They have 30 days from March 10 to submit their responses.

South Korean Government Approves Regulatory Framework for Cryptocurrencies

Amid the coronavirus outbreak, the South Korean government approved a revision to the Act on Reporting and Using Specified Financial Transaction Information at a cabinet meeting on March 17, the Financial Services Commission (FSC) announced. The bill passed National Assembly on March 5, as news.Bitcoin.com reported.

The FSC explained that cryptocurrency businesses will be required to report their transactions to the Korea Financial Intelligence Unit (KOFIU). They will be subject to basic AML requirements, including customer due diligence and suspicious transaction reporting. They also must “follow additional obligations such as keeping separate transaction details for users,” maintain separate transaction details for users, ensure that only real-name accounts are used for crypto trading, and obtain approval from the FSC and KISA (Korea Internet & Security Agency) to offer services in the country.

Financial institutions will be required to conduct customer due diligence on the crypto-asset business operators they deal with, checking whether these companies report their business to KOFIU and maintain customer deposits in a separate account. “The revision bill will take effect one year after promulgation, and the current crypto-asset business operators will be given a six-month transition period to report to the KOFIU,” the FSC emphasized, adding:

This revision act will place Korea’s legal framework on crypto assets more in line with international standards set forth by the Financial Action Task Force (FATF) and strengthen its AML/CFT regime.

India Working on Crypto Regulation, Waiting on April Supreme Court Hearing

The Indian government has reportedly revealed that it is also working on a regulatory framework for cryptocurrency. It is discussing the matter with the Reserve Bank of India (RBI) for the central bank to regulate cryptocurrency. Crypto exchanges may come under the purview of the Securities and Exchange Board of India (SEBI). The government is waiting for the supreme court to hear a cryptocurrency case on April 27 before it makes the final decision on the cryptocurrency regulation. Recently, Minister of State for Finance and Corporate Affairs Anurag Thakur informed Lok Sabha, the lower house of India’s parliament, that the Ministry of Corporate Affairs had inspected some bitcoin businesses through the Registrar of Companies.

The central bank, however, is reportedly planning to file a review petition after the supreme court quashed its circular which banned regulated financial institutions from providing services to crypto businesses. The RBI is worried that the anonymous nature of cryptocurrencies may undermine the Indian banking system. After the historic ruling by the supreme court earlier this month, crypto exchanges started resuming INR services and several global companies have indicated that they are expanding into India and investing in local startups.

Venezuela Shuts Down Banking System, Residents Seek Refuge in Cryptocurrencies

Venezuela’s president, Nicolas Maduro, has shut down the nation’s banking system and ordered his entire country to self-quarantine, news.Bitcoin.com reported last week. The regulator Sudeban sent out a circular to all the financial institutions in the country on March 15, stating:

All activities involving direct attention to customers, users and the general public through agencies, branches, offices and administrative headquarters throughout the country will be indefinitely suspended.

The economic events in Venezuela have driven some residents to find refuge in cryptocurrencies and peer-to-peer markets.

Russian Central Bank Reaffirms Its Stance on Cryptocurrencies

Alexey Guznov, Director of the Legal Department of the Bank of Russia, provided an update on the bill for the regulation of cryptocurrencies in an interview with Interfax news agency, published on March 16. The bill on digital financial assets was adopted on first reading almost two years ago. Since then, its text has been modified and undergone significant changes.

“The position of the central bank remains unchanged,” Guznov said. “We believe that there are big risks in the legalization of cryptocurrency circulation, both from the point of view of financial stability and the system of combating money laundering, and from the point of view of protecting consumer rights .. We are opposed to the fact that there are institutions that organize the release of cryptocurrency and facilitate its circulation.” The director added, “But if a person who owns, conditionally, bitcoins, completes his transaction in a jurisdiction that does not prohibit this, we are unlikely to be able to limit it.”

The central bank has so far been skeptical about cryptocurrencies. Bank of Russia Governor Elvira Nabiullina has voiced her opinion several times that cryptocurrencies should not be legal in Russia. She also does not believe that Russia needs to have its own national digital currency.

What do you think of the regulatory developments covered in this roundup? Let us know in the comments section below.

The post Regulatory Roundup: Crypto Regulations Advance Despite Global Crisis, Cash Shortages, Bank Closures appeared first on Bitcoin News.

Coronavirus Bailouts: US Banking Watchdogs Waive Hundreds of Regulations, Red Tape, Financial Oversight

23/03/2020 by Idelto Editor

In 2019, cryptocurrency and blockchain businesses saw more regulation than any year prior. G20 finance ministers, central bank governors, and regulators cracked down hard on the bitcoin industry. However, during the covid-19 scare, U.S. authorities have been dropping regulations on a whim, making it easier on the financial sector. On March 22, the Federal Reserve revealed it would work with a group of regulatory agencies in order to give banks more leeway when it comes to modifying loan terms.

Also read: Minting Basic Income – US Lawmaker Asks Treasury to Issue Two $1 Trillion Coins With No Debt

What Are Regulations Good For? Absolutely Nothing

The overlords of the U.S. banking system have been doing a lot of unusual things lately to cope with a looming recession brought on by the coronavirus outbreak and forced economic shutdown. Nearly every day, President Donald Trump and the Federal Reserve have been making new announcements and radical changes.

On Sunday, the Fed alongside a slew of other U.S. regulators like the Office of the Comptroller of the Currency have made it so financial institutions can make changes for debtors without oversight. The Fed revealed its decision would allow banks to reduce interest rates, extend loan times, modify loan terms, provide fee waivers, and offer payment deferrals whenever they feel it is necessary. In a heavily regulated environment prior to the covid-19 outbreak, financiers couldn’t do these things without setting off regulatory red flags or receiving massive penalties.

2019 Crypto Industry Assaulted With Manipulative Regulatory Policy

Right now, all of the so-called “much needed” financial regulations are being torn down like the Berlin Wall. The recent move to drop regulations follows Fed chair Jerome Powell’s decision to slash benchmark interest rates to 0%, inject trillions into the hands of private banks, and eliminate all reserve requirements for banks. U.S. financial institutions can not only modify loan terms as they please, but also loan as much as they want without any need for worrying about FDIC insured deposits. Just a month ago, however, financial regulations were quite abundant and U.S. officials from the Fed to the Treasury took aim at bitcoin businesses.

Austrian economists have warned of the adverse effects and inefficiency that government intervention and regulations have created for years. If government regulations were waived then the results would lead to more economic freedom. However, the U.S. two-party oligarchy wants full control over the private sector and the only reason regulations were dropped is because they know the economy would collapse if they did not remove these stifling financial requirements.

On February 11, Minneapolis Federal Reserve President Neel Kashkari said that the cryptoconomy and bitcoin are “like a giant garbage dumpster.” Later that week, Steven Mnuchin the Treasury Secretary told the Senate Finance Committee that new regulations focused primarily on cryptocurrencies were rolling out soon. Not to mention central bank governors worldwide, G20 finance ministers and the Financial Action Task Force that have regulatory guns aimed at cryptocurrency businesses and exchanges.

The only people who are protected by regulations and oversight are those who are engaged in parasitic behaviors. Austrian economists have noted multiple times in the past how awful regulations are to the economy and data has backed up their arguments.

Amid the economic calamity, however, politicians and regulators are quickly changing their tune. A number of Austrian-schooled economists over the years have explained in great detail why regulations stifle efficiency. Regulations always add hidden costs because compliance comes with complex hurdles and mandates. More expenses are handed down to citizens, as regulations make Americans pay for all types of redundant operations. Government guidelines against free markets make consumers deal with dull and non-innovative products because regulations place various barriers to entry. Legislative guidelines enforced by the arbitrary whims of bureaucratic leaders have devastated privacy and property rights. But since the start of the failing monetary system, politicians have created a framework that is riddled with manipulation and monopolies, and lawmakers know infrastructure would collapse if they didn’t remove regulations during the covid-19 outbreak.

Regulations have added hidden costs to our goods and oversight has violated society’s privacy and property rights. Another adverse effect of regulation is the fact that big companies simply move to less regulated countries in the face of the American regulators’ red tape and redundant oversight.

Hundreds of Federal Regulations Removed Throughout a Variety of Industries

The last two weeks of economic mayhem have caused people to question why we need regulations and all this KYC/AML crap at all. Whimsical regulatory rules have violated our financial privacy and it has made the economy inefficient. Parasitic politicians and central bank governors do understand that laissez-faire is the most efficient monetary attitude. Yet if they removed these legislative guidelines, government entities wouldn’t be able to create revenue from the backs of entrepreneurs and the working class.

Sunday evening’s decision by the Fed is just a small fraction of the regulatory requirements that have been removed since the covid-19 outbreak started. On March 22, free-market advocate and Openbazaar developer Chris Pacia tweeted a list of regulations the U.S. government has dropped since the crisis.

Pacia’s tweet further underlined that so far the American regime has released non-violent offenders from prison, they have allowed foreign doctors to practice medicine in the U.S., registered nurses can travel state to state without a license now, police officers have suspended arresting people for victimless crimes in a few cities, occupational licensing has been suspended, FDA regulations for medical products waived, and alcohol for the first time can be delivered to your home in some states.

So why do Americans need regulations at all? Especially when we know and data clearly shows that regulations only benefit a certain group (specifically the oligarchs). Why did they aim all the government guns and regulatory policy at free-market solutions like bitcoin during the last few years? The reason they attacked the cryptoconomy is because digital currencies like bitcoin represent true economic freedom and permissionless, financial prosperity.

Right now megabanks and monopolies created by the U.S. government are being bailed out. At the same time, American bureaucrats want ordinary citizens to foot the bill with higher taxes, austerity measures, hidden costs, and rabid inflation.

What do you think about the hundreds of regulations waived because of the covid-19 outbreak? Let us know in the comments below.

The post Coronavirus Bailouts: US Banking Watchdogs Waive Hundreds of Regulations, Red Tape, Financial Oversight appeared first on Bitcoin News.

China’s Changing Perception of Bitcoin: Bitkan CEO Shares Insights After 7 Years in Crypto Industry

20/03/2020 by Idelto Editor

Since the advent of bitcoin in 2009, cryptocurrencies have gone from being a niche topic for tech nerds to ubiquitously recognized — if not always understood — staples of modern finance. Bitkan CEO Liu Yang recently took some time out to give news.Bitcoin.com a peek into the Chinese bitcoin community and its changing ideas and perceptions of crypto, throughout Bitkan’s seven years in the business. Though general narratives have changed and evolved, and the recent covid-19 crisis impacted markets, the CEO says that overall China is still bullish on bitcoin.

Also read: Tether Launches Stablecoin Token on Bitcoin Cash via Simple Ledger Protocol

Following Bitcoin, Forming Bitkan

An integrated platform for multiple crypto services, Bitkan was launched in March 2013 by former members of China tech giant Huawei‘s R&D department. CEO and co-founder Liu Yang was head of the Huawei Wireless Technology R&D department at the time, leaving to pursue business in crypto when, according to Bitkan, “most people saw Bitcoin as a Ponzi scheme.”

“Bitkan started out as a geek product,” the company told news.Bitcoin.com. “The actual time that Bitkan was created was back in December 2012. At that time, most of the major exchanges for bitcoin geek players in China were all from abroad, hence Chinese bitcoin community users need some market alerts tools to facilitate price monitoring.”

After launch in 2013, the Bitkan platform grew to be a hub for market data, and an OTC and aggregated trading platform with an active community.

Chinese Community’s Perceptions of Bitcoin Change, OTC Trading Remains Popular

According to CEO Yang, bitcoin was initially a point of general intrigue for Chinese, but soon “went from being an item of curiosity to becoming deemed a Ponzi scheme by the Chinese community.” From there, the perception evolved. Yang elaborates:

Towards the end of 2014, everyone began to focus their attention onto blockchain technology. After the ICO wave in 2017, Bitcoin was characterized as a revolutionary digital currency. After the madness at the end of 2017, people have generally heard of Bitcoin. The common man is still rather wary of cryptocurrency while some people regard Bitcoin as the best digital investment product.

When it comes to China’s legal restrictions on the crypto industry, and OTC trading in the country, Yang told news.Bitcoin.com there will always be a demand.

“I would say that there is always a demand for OTC trading. Due to restrictive legislation on exchanges, the need for OTC will continue to exist to satisfy investment and trading needs. Thus, after regulations, OTC transactions will inevitably develop more vigorously than before.” Yang makes a small caveat: “However, from the perspective of the entire crypto market, I would say that the number of users are declining as a whole. This is due to regulation and the price of bitcoin.”

Covid-19 Crisis and Ensuing Market Slump

“I think the financial crisis has arrived. In other words, we are already caught in it,” Yang asserts.

Incidentally, the financial crisis this time is not quite the same as the financial crisis of 2008. This time, as the epidemic situation worsens, many production lines and commerce have stagnated. This may cause a more significant harm to the markets.

Noting government efforts to stem some of the economic carnage, Yang details: “From China’s $7 trillion planned infrastructure spending to U.S. interest rate cuts and the $400 billion plan to boost their economy to protect their businesses, we can see that global governments will likely take steps to save the markets.”

Workers at a factory in Jiujiang, China.

He also notes that some Chinese see the covid-19 crisis and ensuing crypto market plunge demonstrating “a certain degree of correlation between bitcoin and gold” as they have not appeared to follow the S&P stock market index in more recent events.

“We can see that the [crypto] price slump this time happened after the plunge of the U.S. stock market and crude oil,” he elaborates. “Likewise, it has also led to gold to fall as well. This morning (March 19), the S&P 500 circuit breaker occurred for the fourth time this month. However, gold did not fall together with the index and neither has bitcoin.”

Yang views the recent plummet in crypto prices as “a rapid deleveraging process” which will ultimately help crypto. “In the long run, it is conducive to the long-term development of cryptocurrencies. After this plunge, the development of cryptocurrencies will be more healthy and positive.”

Despite a Rough Start to 2020, China Still Bullish on Bitcoin

Challenges of the new year notwithstanding, Yang says that “when there is a crisis there are opportunities,” and “While some older traditional businesses may fall, at the same time, new business models may arise … the epidemic in China has actually accelerated the rise of e-commerce, remote working, online education and many other industries that were not that popular before.” He also predicts good things for bitcoin’s price, detailing:

I think that this round of decline is the result of the leverage effect in the crypto market, and it needs to burst its bubble. There will still be some fluctuations, but all in all the market is likely to have a strong recovery within a year, and is very likely to exceed the previous all-time-high.

Bitkan’s goal into 2020 remains to make crypto investment easier by way of a “one-stop crypto investment platform,” the CEO notes. As for China, Yang maintains that there is a marked difference between speculators and investors, the latter typically remaining steadfast through storms while some of the former peel off in defeat, and summarizes: “Although the view of the Bitcoin community in China is still relatively fragmented, the overall voice of the community is still bullish as it is currently in a period of severe volatility.”

What is your perception of bitcoin currently, amidst the crisis? Let us know in the comments section below.

Images courtesy of Bitkan.com, Shutterstock, fuyu liu, humphery, Joinmepic, fair use.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The Local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

The post China’s Changing Perception of Bitcoin: Bitkan CEO Shares Insights After 7 Years in Crypto Industry appeared first on Bitcoin News.

Germany’s Bitcoin Group Welcomes Licensing for Crypto Custodians, Expects Competition From Banks

13/03/2020 by Idelto Editor

Bitcoin Group SE, a prominent member of the European crypto industry, has been preparing to apply for permission to conduct crypto custody activities in its home country, Germany. The providers of such services in the Federal Republic are now recognized as financial institutions. Bitcoin Group, which has been in the business for some time, welcomes the changes that introduced licensing to the sector. Starting from Jan. 1, 2020, banks and other institutions are allowed to store and manage clients’ crypto assets.

Also read: Bitcoin Is Financial Instrument, Clarifies Germany, Crypto Custodians Qualify as Financial Institutions

Bitcoin Group Confirms Plan to Obtain Crypto Custody Permit

As the organization behind one of the largest crypto trading platforms in Europe, Bitcoin Group SE has already established itself as a major custodian of digital assets in Germany. Its fully owned subsidiary, Bitcoin Deutschland AG, operates Germany’s leading regulated marketplace for cryptocurrencies such as BTC, BCH and ETH. The investment group is also owner of Futurum Bank AG and holds 50% of the shares of Sineus Financial Services GmbH, an entity supervised by the German financial watchdog, Bafin.

In December, Bitcoin Group announced it plans to apply for crypto custody permission for its companies from the Federal Financial Supervisory Authority. It hopes to expand its positions in the market for these types of services and the acquisition of Futurum Bank AG, which was approved by Bafin, creates new opportunities to attract institutional clients. Securing a license became necessary following last year’s adoption of legislation transposing EU’s Fourth Anti-Money Laundering Directive into national law.

The new regulations entered into force on Jan. 1, 2020. The German Banking Act now defines crypto custody business as the safekeeping and managing of crypto assets or private cryptographic keys that serve to hold and store crypto assets that can be transferred to others. In recently published guidance, Bafin clarified that these activities represent financial services. Financial institutions had until the end of March to declare intent to obtain a license and the deadline for filing an application is Nov. 30.

Speaking to news.Bitcoin.com, Bitcoin Group Managing Director Marco Bodewein confirmed that the holding company is going to apply for a crypto custody license and explained:

Due to the current requirements of the authorities, the final application needs to be filed by November 2020 but we will apply officially much earlier. As of now we do not see any challenges for Bitcoin.de at all as we are already in the custody business for several years.

German Banks Are yet to Enter Cryptocurrency Market

Bodewein added that Bitcoin Group welcomes the current development of the regulatory regime in Germany which will open the market for more players including banks entering the crypto space. Competition is usually good for the business, he emphasized, although his crypto company has not yet experienced any stiff competition from traditional financial institutions.

The executive said that Bitcoin Group would also appreciate the adoption of regulations at EU level. “Certainly, the German approach is the first within Europe so it might be possible that Germany created a blue print for the rest of Europe,” Marco Bodewein commented.

According to the latest corporate results published in September, Bitcoin Group’s earnings before interest and taxes amounted to €4.228 million in the first half of 2019. During the same period, Bitcoin.de reported an increase in its customer numbers to 808,000 registered users, up from 753,000 at the end of H1, 2018.

Bitcoin Group believes the growth is largely due to the expansion of the range of services provided by the exchange including the launch of a mobile app. The acquisition of Futurum Bank, formerly investment bank Tremmel Wertpapierhandelsbank GmbH, will mow allow the holding to offer new products related to cryptocurrencies, carry out proprietary trading and operate a network of Bitcoin ATMs.

How do you think Germany’s new regulations will affect the crypto industry in Europe? Share your thoughts on the subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

You can now purchase bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH directly from our trusted seller and, if you need a bitcoin wallet to securely store it, you can download one from us here.

The post Germany’s Bitcoin Group Welcomes Licensing for Crypto Custodians, Expects Competition From Banks appeared first on Bitcoin News.

6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet

09/03/2020 by Idelto Editor

6 Crypto Websites Blocked by Russia’s Media Watchdog, Including Major News Outlet

In what seems to be another episode in a long-running campaign, the Russian telecom regulator has restricted access to at least six websites posting content related to cryptocurrencies. Тhe forum section of Bits.media, a leading crypto news outlet, is among the internet pages that have been blacklisted this month.

Also read: Russians Can Use Qiwi, Sberbank, Yandex Money and Now Binance P2P Exchange to Buy Bitcoin With Rubles

Roskomnadzor Restricts Access to Crypto Forum

The latest offensive was launched on March 5, when the Federal Service for Supervision of Communications, Information Technology and Mass Media (Roskomnadzor) added five crypto websites to its register of banned internet sources. Access to btcphone.ru, alfatop.me, nicechange.org, bitokk.com, and prostocoin.com was restricted following a ruling by the Nyandomsky District Court in Arkhangelsk Oblast issued a day earlier. The sites offer different services, from crypto exchange to mobile top-ups with bitcoin, and one of them is an information portal.

Around the time these websites were blocked, readers complained that the Bits.media forum became inaccessible too. Eventually the outlet was able to establish that this section of its website was blacklisted on a 2017 request from the Federal Tax Service (FTS) citing a ban on the dissemination of prohibited information in Russia. At the time, the tax agency was unhappy with a forum thread about an online casino. The thread was re-opened but eventually deleted altogether. Bits.media founder Ivan Tikhonov commented on Facebook:

RKN blocks the site again. Stock up on proxies and VPNs.

Tikhonov’s team is currently negotiating with Roskomnadzor. The problem is that some internet providers have actually blocked the whole domain, not just the website’s forum. Those that are not diligent enough to immediately implement the regulator’s restrictions are threatened by sanctions. A reversal of the ban, however, could take several months and no one will be held accountable for any delays in this case. Tikhonov also posted a screenshot of the official reference to the blocking of Bits.media from Roskomnadzor’s website and said that the agency had acted without prior notice.

Regulator Accused of Targeting Websites Arbitrarily

Roskomnadzor started blocking crypto websites in 2015. Since then, multiple platforms have been affected, including Coinspot and Cointelegraph a few months ago. Authorities find grounds for these decisions and actions in a statement by the Central Bank of Russia (CBR) on “virtual currencies” published in 2014. Besides issuing the usual warnings to the public, the bank stated that the law prohibits the issuance and circulation of “money surrogates” on the territory of the Russian Federation.

Bits.media points to many similarities between the different cases. For example, they are often filed by prosecutors in various Russian regions but the restrictive measures are imposed on a national level. The district courts refer to the CBR’s position and the absence of a regulatory framework but fail to recognize that no current Russian law bans decentralized cryptocurrencies or the publication of information about them. Furthermore, blocked websites are often totally unrelated, which leaves the impression that they are being targeted arbitrarily.

As a result, operators of such platforms successfully challenge the rulings in higher courts. In March 2018, the Saint Petersburg City Court struck down a ban on 40 websites with information and services related to cryptocurrencies. In April, the Supreme Court overturned a decision to block the Bitcoininfo.ru portal. In May 2019, Roskomnadzor was forced to remove Bestchange.ru from its blacklist, after prosecutors gave up efforts to block the website citing the lack of regulations. According to recent statements by officials, the Russian parliament may finally adopt the Law on Digital Financial Assets by the end of March.

What’s your opinion about Roskomnadzor’s actions against crypto websites in Russia? Share your thoughts on the subject in the comments section below.

Images courtesy of Shutterstock, Roskomnadzor.

Do you want to dig deeper into Bitcoin? Explore past and present cryptocurrency prices through our Bitcoin Markets tool and head to our Blockchain Explorer to view specific transactions, addresses, and blocks.

The post 6 Crypto Websites Blocked by Russia’s Media Watchdog, Including News Outlet appeared first on Bitcoin News.