July 21 cryptocurrency ban

Industry executives noted, however, that many companies had already shifted key portions of their business outside China. Ten powerful Chinese government bodies said in a joint statement on Friday that overseas exchanges were barred from providing services to mainland investors via the internet - a previously grey area - and vowed to jointly root out "illegal" cryptocurrency activities.

Huobi also said it would clean up existing ones by the end of the year. Du did not give an estimate of how many of its users would be affected, saying only that Huobi had embarked on a global expansion strategy many years ago and seen steady growth in Southeast Asia and Europe.

TokenPocket, a popular service provider of crypto wallets, also said in a notice to clients that it would terminate services to mainland Chinese clients that risk violating Chinese policies and would "actively embrace" regulation. Some of the world's biggest crypto exchanges originated in China but Chinese authorities have come to see cryptocurrencies as speculative instruments lacking in intrinsic value, prone to acute price moves and a means to circumvent capital controls.

Chinese authorities have instead thrown their weight behind the development of an official digital currency. It does not, however, go so far as to declare ownership of cryptocurrencies as illegal. The case relates to a dispute between one company that contracted another to buy and operate cryptocurrency mining machines but did not get all the bitcoin it believed it had paid for.

The first company sued. Its claim was rejected by a court which judged the mining agreement itself invalid because it harmed the public interest. Mining cryptocurrency like bitcoin is hugely energy-intensive. Given that Chinese mines power nearly four fifths of the global trade in cryptocurrencies, the study concluded that the industry risks undermining Chinese climate goals and wider global action.

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The smart ones are already buying gold. A number of necessary preconditions have already come to pass. Goldman Sachs has already created what may become the digital version of the U. They also announced plans to develop cryptocurrencies that will be pegged to other currencies as well — giving the central banks what they want: Complete control over state digital currencies.

Once the free-market cryptocurrencies are safely out of the picture, there will be no competing currencies when governments roll out their own cryptoassets — electronic currencies that they can control and manipulate according to their priorities — not yours. They instantly cut off entire industries from the economy: Think firearms. They can tie your medical records to your spending power.

Are you overweight? Federal officials can write code that prevents you from using Social Security benefits to buy a soda or a candy bar. They can tax all wealth or savings, anywhere in the world, regardless of your income. Medicaid recapture programs can seize assets to pay Medicaid debts — or even prevent transfers to asset protection trusts in the first place. They can fine with impunity They can push interest rates to below zero — effectively taxing savers for the privilege of lending out their money.

Asset seizures become trivially easy — with or without a warrant. As long as you own physical gold or silver, it is nearly impossible for government agents to confiscate it. Furthermore, if you own gold and silver directly, in physical form, no hacker in Russia or North Korea can steal it from you. If the G20 does make a big move against crypto, the word could leak early. That could spark a general collapse well before the scheduled conference date.

Desperate crypto investors will be piling into gold, bidding gold prices up! Meanwhile, the sudden eradication of hundreds of billions of dollars in crypto assets could cause unpredictable follow-on effects throughout the banking and credit industries. We strongly suggest anyone reading this be out of crypto completely as soon as possible. Then reassess as the U. For a free, no obligation guide to owning gold and silver for your own investment portfolio, download our exclusive Guide to Precious Metals investing today.

It recommends using the term "crypto token. They added that trading virtual currencies in Poland does not violate national or EU law, however, having virtual "currencies", involves many risks: 1 risk related to the possibility of loss of funds due to theft, 2 risk related to lack of guarantee, 3 risk of lack of universal acceptability, 4 risk related to the possibility of fraud, 5 risk of high price change.

Financial institutions should be cautious about engaging and cooperating with virtual currency "trading" entities. Romania Legal As of March , an official statement of the Romanian National Bank mentioned that "using digital currencies as payment has certain risks for the financial system". In addition, there is a new subpoint, Article At the same time NBS points out that any legal person or natural person in the Slovak Republic shall not issue any notes or any other coins.

Unlawful manufacturing of banknotes and coins and putting them into circulation is punishable by law. In this context, NBS points out that virtual currencies have not a physical counterpart in the form of legal tender and participation in such a scheme virtual currency is at your own risk.