China and India seem to want to ban crypto to citizens – .

China and India seem to want to ban crypto to citizens – .

The world’s two largest countries appear determined to effectively ban their citizens from participating in crypto, posing a serious threat to the crypto agenda.
Why is this important: The world of crypto is global, but the real world is fragmented into nation states, each of which claims control over what happens within its borders.

Driving the news: A bill to be passed by the Indian parliament has yet to be seen, but an official description says it “seeks to ban all private cryptocurrencies in India” with “certain exceptions” to promote the underlying cryptocurrency technology and its uses. . ”

  • The stated purpose of the bill is to lay the groundwork for a cryptocurrency issued directly by the central bank. India is not opposed to crypto in general – it just wants to control all crypto activity within its borders and centralize that activity on its own digital currency.

The context: Binance, by far the world’s largest crypto exchange, recently released a list of 10 “fundamental rights for crypto users” – most of which would raise few eyebrows in the United States. In other countries, however, the message is much more opposed to existing government policy.

  • “Every human being should have access to financial tools, like cryptography, which allow greater economic independence,” say the principles.
  • “Crypto users deserve secure access to emerging technologies and practices, including NFTs, Staking, Staking, Yield Culture, and more. “
  • Reality check: None of this is likely to be true anytime soon for the billions of people who live in China, India, or many other countries, including Thailand.

Between the lines: While the principles say that exchanges like Binance “should be subject to the proper regulations,” there is no way to build a global regulator that could consistently regulate international exchanges.

  • What they say : “I don’t think that’s possible,” Binance founder Changpeng Zhao told Axios. “Different regulators in different countries care about different things. For example, AML means different things in different countries. In the United States, it means terrorism. In Thailand, it means withdrawing money from the country. “

The bottom line: The exchange of private crypto values ​​is now big enough to matter. Which also means it’s big enough that some of the biggest governments in the world are trying to crush it.

Go further: China considers all cryptocurrency transactions illegal


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