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27 September 2020

From open arms to full bans: The latest on crypto regulation in Asia

From open arms to full bans: The latest on crypto regulation in Asia

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In 2017, the People’s Bank of China, the nation’s central bank, banned initial coin offerings and cryptocurrency exchanges.

However, the Chinese government is still quite cautious in its approach to both its own cryptocurrency and digital assets in general and has yet to issue regulations.

But so far the government has not introduced a national digital currency, apparently due to the fact that it wants not only to introduce a digital cash replacement but also to create a universal payment system, such as Alipay, that will be used all over the world.

Also noteworthy is that at the end of July 2019, a national project known as the Blockchain Service Network, or BSN, was launched to support medium-sized businesses in the development of blockchain projects by creating public blockchains that will comply with Chinese law and operate internationally.

It was also announced that the BSN will integrate support for stablecoins, albeit no earlier than 2021, and will be able to become the infrastructure for the digital yuan.

Despite all of these positive signs of blockchain “acceptance,” some Chinese businesses still don’t believe that the government will legalize cryptocurrencies because digital money does not act as currency.

Moreover, in June, the central bank announced its readiness to cooperate with China in the creation of a CBDC.

The Reserve Bank of India’s 2018 ban on accounting organizations serving firms that work with crypto drove some companies out of business.

The government planned to go even further, and in July 2019, it proposed a draft bill that would slap anyone dealing with crypto with a big fine or a 10-year prison sentence.

Sumit Gupta, CEO and co-founder of CoinDCX — an Indian cryptocurrency exchange — told Cointelegraph that in countries such as India where the adoption and legalization of cryptocurrencies have not been as fast as in South Korea or Singapore, it will take time for businesses to get used to a new financial instrument:

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