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Russian security services ordered Telegram to hand over access to encrypted user messages, but the messaging application (app) refused. Founder Pavel Durov didn’t bother to send lawyers to Moscow’s Tagansky court, and the court dutifully ruled against his company, taking less than 20 minutes in decreeing an immediate ban.
Also read: CBS’s NCIS Los Angeles Weaves Stolen Bitcoin Into Script, LL Cool J Is on the Case
In what amounts to a major clampdown down on bitcoin and other cryptocurrencies, the Reserve Bank of India (RBI) announced in a press release today, April 5, 2018, that it is banning banks and regulated financial entities from dealing with digital currencies.
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling [virtual currencies],” India’s central bank said.
The Reserve Bank of India (RBI) has officially ordered all regulated entities to refrain from providing services to any and all businesses involved in the dealing of digital currencies — including, of course, Bitcoin.
The announcement comes via an official press release issued by The Reserve Bank of India (RBI).
Unsurprisingly, the RBI positions itself as merely looking out for consumers’ interests, while also citing the frequently used claims that cryptocurrencies are simply tools for criminals and those looking to undermine market integrity.
Twitter is a fast player. Less than two weeks ago, the social media giant announced it was developing new policies which would lead to the eventual ban of cryptocurrency and ICO-related advertisements on its platform. Bitcoin enthusiasts everywhere likely figured they had a little time to spare, as the changes weren’t expected to take effect until sometime in April at the earliest.
In addition, it was reported that Twitter would also be banning ads for cryptocurrency exchanges, though there would allegedly be exceptions to the rule.
Following in the footsteps of Facebook, Google has announced it will ban cryptocurrency and initial coin offering (ICO) promotional material from its ad platform.
Alphabet Inc.’s Google explained the new policy will go into effect in June of this year, affecting its search engine, advertisements on YouTube, and and its display-ads network.
Google’s crackdown is intended mainly to “prevent consumer harm” and follows Facebook, which adopted a similar policy in late January.
Google’s announcement reads:
Angel investor and Founder of Chinese app Meitu, Cai Wensheng, has published criticisms of the central government’s expanding regulatory crackdown on cryptocurrencies via Wechat. Mr. Wensheng warns that heavy-handed regulatory policies may squander the opportunity for China to maintain a significant presence in the burgeoning global cryptocurrency sector, in addition to arguing that many of the challenges faced by cryptocurrencies are indicative of the typical “development process” experienced by emerging monetary forms.
Also Read: Cryptocurrency Exchange Poloniex Has Been Bought by Circle
Bitcoin was originally created to free people’s money from the control and censorship of regulators, banks and governments. Companies in the ecosystem are supposed to be infused with this ethos, but as they strive to become more mainstream some, like Bitpay apparently, adopt the more prevailing standards in the business world.
Also Read: Nasdaq-Listed “Blockchain” Companies Hit With New Legal Troubles
Bitpay, the digital asset service provider based in Atlanta, Georgia, updated its Terms of Use agreement on February 2. The binding contract states that the use of the company’s services is subject to several important restrictions, including the sale of explicit sexual content.
**On today’s episode of The Cryptoverse:**
News outlets are claiming that Chinese regulators have outright banned ICOs and EOS release an update and state that the development is ahead of schedule.
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