KuCoin will ban all Chinese users | Bitcoin News 03/10/21

Bitcoin News: 3rd October 2021

  • By the end of 2021, KuCoin will have banned all Chinese users.
  • In the face of regulatory speculation, Socios.com restricts access to US users.
  • To prevent fraud, Dubai Police has teamed up with a cryptocurrency exchange.
  • CBDC and worldwide crypto standards are recommended by the IMF for financial stability.
  • Nigeria’s Federal High Court has approved the implementation of the eNaira CBDC.

KuCoin will ban all Chinese users

KuCoin, a cryptocurrency exchange, stated on Sunday that all mainland Chinese users must remove money from the platform by December 31.

According to the firm, it made the decision to delete Chinese consumers in order to comply with new legal requirements.

According to sources,  China has tightened its grip on the cryptocurrency industry, imposing the toughest regulations ever. In China, any financial operations using cryptocurrency are considered unlawful.

Users who are affected by the ban will continue to receive emails from KuCoin reminding them of the deadline.

As previously reported in late September, the country’s central bank tightened its grip on digital assets, prohibiting all locally operating organisations from dealing with any entities even remotely related to the cryptocurrency industry.

Bitcoin News: Kucoin Will Ban All Chinese Users
Bitcoin News: KuCoin will ban all Chinese users

KuCoin announced that it has begun an internal review to determine the best course of action for its customers. After “consideration,” the team came to the conclusion that leaving China is the only option that complies with local regulations.

In less than two weeks after the latest ban, the second major exchange has announced similar plans.

Socios.com restricts access to US users

Users in the United States may face temporary restrictions, but Socios may be working on a new site to elevate the fan experience to new heights. To guarantee financial stability despite worldwide crypto growth, the International Monetary Fund (IMF) issued a set of rules for emerging markets and developing countries.

To address the financial stability issues that have arisen as a result of increasing crypto asset trade, the IMF advises that:

“We regret to inform you that we have had to turn off select features for US users temporarily while we work to launch a more tailored US-facing platform experience,” the email read. “This will take effect on or before October 1st 2021.”

Socios.com Restricts Access To Us Users
Socios.com restricts access to US users

Socios.com may be planning to build a site that will allow for more robust token trading, given the number of recent collaborations inside US jurisdiction during the summer. A US franchise may also lead to the creation of fan tokens for US-based clubs, which has been missing from Socios.com so far.

The revelation has put a stop to US fans’ options, but it should lead to a better fan experience in the future.

Dubai Police teams up with a Crypto Exchange

According to local sources, Dubai Police has collaborated with a cryptocurrency trading platform to combat crypto fraud. The goal of the partnership was to better educate investors and traders about the industry. According to local media, Ola Doudin, CEO of BitOasis, a cryptocurrency exchange, claimed,

Additionally, as part of “effective investigation techniques to address the hazards connected with crypto trading,” police officers are being educated to spot crypto scams.

One in every four investors in the UAE considers cryptocurrency to be a “interesting investment” possibility. In terms of legislation, Dubai’s economic free zone recently inked an agreement to trade crypto assets with the UAE’s Securities and Commodities Authority (SCA). The deal, which was inked in September, enables the free zone’s “regulation, offering, issuance, listing, and trading of crypto assets and related financial operations.”

Dubai, on the other hand, is gearing up for a Crypto Expo in October. The expo’s goal is for industry professionals to network and discover new business possibilities in the crypto field.

The event’s 40 official sponsors include cryptocurrency players CoinSwap, Koda, and CryptoBiz. Last week, MinePlex Banking sponsored a blockchain and crypto industry conference in Dubai.

Dubai Police Teams Up With A Crypto Exchange
Dubai Police teams up with a Crypto Exchange

IMF recommends CBDC for financial stability

To guarantee financial stability despite worldwide crypto growth, the International Monetary Fund (IMF) issued a set of rules for emerging markets and developing countries.

The IMF’s new rules are aimed at reducing the financial risks associated with global crypto adoption.

The IMF believes that crypto assets have the potential to be used as a vehicle for quicker and cheaper cross-border payments, given the substantial growth in the value of crypto markets since May 2021, despite negative tendencies. High returns, transaction prices and speed, and decreased Anti-Money Laundering (AML) regulations are the key drivers for crypto adoption, according to the research.

To address the financial stability issues that have arisen as a result of increasing crypto asset trade, the IMF advises that:

“Policymakers should implement global standards for crypto-assets and enhance their ability to monitor the crypto ecosystem by addressing data gaps. Emerging markets faced with cryptoization risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.”

Imf Recommends Cbdc For Financial Stability
IMF recommends CBDC for financial stability

The IMF also advises “proportionate regulation to the risk and in line with those of global stablecoins” in addition to the central bank digital currency (CDBC) issue. De-dollarization initiatives, in addition to the CBDC, will aid governments in addressing macro-financial concerns.

Nigeria’s Federal High Court approves eNaira CBDC

The Federal High Court of Nigeria has joined a growing number of authorities across the world that have approved the use of a central bank digital currency (CBDC) as legal tender. The digital currency, dubbed eNaira, will be issued by the central bank and backed by a locally developed eNaira wallet.

According to a report by Voice of Nigeria, Nigeria’s CBDC issue permission was disclosed at a federal court hearing on October 2 headed by Justice Taiwo Abayomi Taiwo. According to the official eNaira website, the digital form of the Nigerian naira would be made universally available, and “anybody may hold it.”

The Nigerian CBDC was launched to commemorate the country’s 61st Independence Day. While the eNaira will continue to circulate alongside the Nigerian naira, it is touted as a quicker, cheaper, and more secure means of transacting money.

It’s worth noting that the decision to launch digital naira comes at a time when the country’s fiat currency, the naira, is at its lowest level since 2003.

Nigeria'S Federal High Court Approves Enaira Cbdc
Nigeria’s Federal High Court approves eNaira CBDC

According to the research, Kenya, South Africa, Nigeria, and Tanzania have experienced the most crypto acceptance among African countries, with a market increase of 1200 per cent between July 2020 and June 2021. As per the statistics from Chainalysis, P2P networks, banking constraints, and inflation fears have all contributed to Africa’s expanding industry. As a result, the region continues to attract capital, the most recent of which being a $15 million Series A fundraising round for Yellow Card, a crypto exchange.

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Read Yesterday’s news here.

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Prabhat Tiwari

I am someone who loves swimming in the ocean of DeFi and believes the disruptive technology, i.e., Bitcoin will change a lot of things and not just our financial system.

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