The High Court of Zimbabwe has lifted a ban on cryptocurrencies in the Southern African country. This follows a lawsuit that was filed by a local cryptocurrency exchange which argued that the Reserve Bank of Zimbabwe did not have any authority to declare cryptocurrencies illegal. Contested Jurisdiction On the 12th of May, Zimbabwe’s financial services regulator, the Reserve Bank of Zimbabwe (RBZ), issued a directive to all financial institutions to stop all forms of transactions
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The Reserve Bank of Zimbabwe (RBZ) is facing a lawsuit from a cryptocurrency exchange in the African country following the RBZ’s recent order to all registered financial institutions to stop all forms of cryptocurrency trading. The central bank also instructed cryptocurrency exchanges to shut down their operations. The Legality of Cryptocurrency in Zimbabwe Brought into Question According to news reports, Golix, the largest cryptocurrency exchange in Zimbabwe, submitted a High Court challenge stating that the RBZ does
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Six months ago, South Korea — one of the largest cryptocurrency markets in the world — banned the issuance of new cryptocurrencies. However, that hasn’t stopped South Korean blockchain entrepreneurs from circumventing the country’s restrictions by launching Initial Coin Offerings (ICOs) overseas. Chased Out In September, the cryptocurrency hotspot of South Korea officially banned Initial Coin Offerings (ICOs) within its borders. Some blockchain companies, however, are skirting such restrictions by issuing their coins and tokens abroad.
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Even though Thailand has not banned the use of cryptocurrencies in the country, its central bank has announced that financial institutions will no longer offer crypto-related services. Banks Barred From Bitcoin As per a request from the Bank of Thailand, the country’s financial institutions will no longer be allowed to invest in or sell digital currencies, develop trading platforms, or grant loans to clients hoping to purchase crypto. In addition, these institutions cannot offer any
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Several South Korean exchanges have announced that they will ban foreign residents from trading cryptocurrencies. Tighter Cryptocurrency Regulations The South Korean government was the cause of major turmoil in the global cryptocurrency market as rumors spread that they were planning to ban cryptocurrency trading across the country. Soon after the news was released, the total cryptocurrency market valuation dropped by almost 50%, causing major financial losses for a lot of traders worldwide. Later, government officials
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South Korea cryptocurrency users are voting en masse against the country’s prospective trading ban and demanding ministers resign. Ban Bitcoin? Fire The Government The results of two government surveys shows support exceeding 100,000 people for halting the restrictions on trading, while more than 30,000 want to see the justice minister and finance minister fired for “market manipulation.” South Korean lawmakers have stepped up efforts to severely limit cryptocurrency activity under their jurisdiction in recent months.
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The ban on cryptocurrencies is moving across borders. This time, it is Indonesia, the Southeast Asian giant, that has decided to prohibit all cryptocurrency-related transactions. According to a local report by Pikiran Rakyat, Indonesia’s regulation will prevent payment providers from cooperating or meeting with bitcoin investors, miners, or traders. This announcement was made by the Indonesia’s Central Bank Governor, Agus Martowardojo. According to Agus, the purpose of the ban is to make sure that the country’s