The number of countries and jurisdictions that have banned crypto either completely or implicitly has more than doubled since , when the organization first published a report on the subject. Some governments that have banned crypto have said that cryptocurrencies are being used to funnel money to illegal sources and argued that the rise of crypto could destabilize their financial systems. Although not all governments are moving to ban crypto, many are looking into how to regulate digital currency, including the U.
Gensler hired a senior adviser specializing in cryptocurrency last week. When it banned crypto last year, China did so in different phases. First the country prohibited financial institutions from engaging in any crypto transactions in May. In response, Huobi Global and Binance, two of the largest exchanges globally and popular with Chinese users, stopped new registrations of accounts by mainland customers.
Huobi also said it would clean up existing ones by the end of the year. Du did not give an estimate of how many of its users would be affected, saying only that Huobi had embarked on a global expansion strategy many years ago and seen steady growth in Southeast Asia and Europe.
TokenPocket, a popular service provider of crypto wallets, also said in a notice to clients that it would terminate services to mainland Chinese clients that risk violating Chinese policies and would "actively embrace" regulation. Some of the world's biggest crypto exchanges originated in China but Chinese authorities have come to see cryptocurrencies as speculative instruments lacking in intrinsic value, prone to acute price moves and a means to circumvent capital controls.
Chinese authorities have instead thrown their weight behind the development of an official digital currency. It does not, however, go so far as to declare ownership of cryptocurrencies as illegal. In contrast, while elsewhere in the world cryptocurrency firms are facing increased oversight, outright bans are rare. Shares that took a beating include Huobi Global affiliate Huobi Tech
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The company will also gradually retire existing accounts of mainland Chinese users by midnight on Dec. Meanwhile Binance, one of the world's largest cryptocurrency exchanges, said that account registrations using Chinese mobile phone numbers are now blocked. The Binance app is also no longer available for download in China.
This year, Chinese authorities have intensified a crackdown on cryptocurrencies that has targeted bitcoin miners and trading. But China's tough stance on cryptocurrencies is not new. Authorities in the world's second-largest economy have long been worried about the impact of digital coins on financial stability. That reflected official concern cryptocurrency mining and trading might still be going on or the state-run financial system might be indirectly exposed to risks Friday's notice complained Bitcoin, Ethereum and other digital currencies disrupt the financial system and are used in money-laundering and other crimes.
Promoters of cryptocurrencies say they allow anonymity and flexibility, but Chinese regulators worry they might weaken the ruling Communist Party's control over the financial system and say they might help to conceal criminal activity.
The People's Bank of China is developing an electronic version of the country's yuan for cashless transactions that can be tracked and controlled by Beijing. As investors flock to cryptocurrencies, scammers seek ways to capitalize Other countries have moved to rein in cryptocurrencies, with regulatory authorities expressing concern about their use to facilitate crime and potential risks for investors.
In the U. Individual companies also are facing tighter federal oversight.
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