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CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption



CZ Opines That the Recent Crypto Ban in India Will Bring About a Global Adoption

Changpeng Zhao, Binance’s CEO in a tweet on June 7, 2019, stated that the proposed draft bill in India seeking the ban of cryptocurrencies will help to push the adoption of cryptocurrency and specifically, privacy coin. A number of cryptocurrency enthusiasts have also been quick to agree with the CEO.

Media Outlet Informs of Draft Bill to Ban Cryptocurrency in India

Bloomberg Quint on June 7, 2019, reported that India has proposed a draft bill which targets the ban of cryptocurrency in the South Asian country. According to the media, if the bill is approved into law, anyone found holding, selling, or trading crypto assets will face between one to ten years in prison. In the same vein, they will be fined thrice the profits made from their trade or the loss encountered by the system.

While the news has stirred a lot of controversy in the cryptocurrency space, several comments have been made in its regard. Changpeng Zhao (CZ), for instance, gave his stance when he said if India goes ahead to ban this asset class, then it will drive up the adoption of cryptocurrency globally.

On consideration, this goes contrary to what others may be expecting since blocking access to cryptocurrency in a region that accounts for 17.74% of the total world population could potentially impact on its price. Like others have pointed out, no one likes to be told what they can and cannot do and as such, it will only pique their interest. As a Twitter user stated, “There is a Buddhist proverbthe best way to control someone is to let them roam free”

News About Crypto Ban in India Yet Unproven to be True

Despite CZ’s tweet, a number of people have pointed out that the news emerging from India is yet to be proven to be true. According to them, the government is still framing guidelines to determine how it will regulate the crypto space.

Another user, Shalini (Indian CryptoGirl) while responding to CZ’s tweet said the best way to know the country’s decision pertaining to cryptocurrencies is to wait for the supreme court’s notice. Shalini also noted that while the news may have come from a reputable media outlet, anonymous sources were quoted and as such, it is a clickbait that is meant to spread FUD (Fear, Uncertainty, and Doubt).

CZ, on the other hand, made another tweet agreeing that the news is aimed at creating FUD, however, his comments were made as a way of stressing the point. In his own words: “But can’t waste an opportunity to stress the point: The more restrictions you add, the more people want freedom / #crypto.”

John McAfee Also Comments on Potential Crypto Ban in India

Apart from CZ, other members of the space that have aired their views regarding the potential ban include John McAfee, founder of McAfee Associates and Bitcoin proponent as well as Tony Vays, a cryptocurrency enthusiast. According to McAfee in two tweets which he has deleted:

“The war has begun. An entire nation wishing to free itself is now punished for using the instrument of freedom.”

“If there ever was a time for Anonymous to step up to the plate, that time is now!”


Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform



Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments



Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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