Some good news has come for Bitcoin lately. I hope you already heard that news. Two countries recently released some statements about banning Bitcoin mining, bitcoin payment through banks, and so on. But it now looks like they changed their mind, and they are like - "Well, forget what we told earlier. We are with BTC now, and everything is just fine. We are okay with crypto in our country."
I don't know what kind of game it is, but it's good news for all BTC and altcoin holders. But I feel pity for those who panicked and already sold their holdings at low.
Let's get into the main topic. Which are the countries that are not banning Bitcoin? Well, we already know from the recent news that some confusion arose when we saw some issues happening in India, China, and Nigeria.
India is a country that confused us so many times - we are cracking down on crypto. Again, no, we're not banning crypto. All of these kinds of stuff are happening all the time.
Recently, we saw that some Indian banks are warning their customers that if they do the transaction on crypto, the bank may freeze their account. Which was a sudden shock to the Indian investors as they all knew that crypto trading is now legal in India.
Leading Indian lenders HDFC Bank and the State Bank of India have cautioned their customers against dealing in virtual currencies such as bitcoin, according to emails sent by the lenders. These emails sent to certain clients inquire about their virtual currency transactions and advice against such transactions. The banks also warned customers that failure to adhere to the advisory may lead to cancellation or suspension of their cards. Source
India's central bank has come out and said that they had resolved the confusion. They stated that orders against dealing with cryptocurrency are no longer valid. That opens up the doors for the banks not to be able to say to customers or companies that they are going to ban their accounts if they do business in cryptocurrencies. It also opens up the doors for crypto exchanges and related startup businesses in India.
It is obviously a big deal for crypto. But the confusion already over? I think not. Some conservative politicians would love to speak up against crypto and try to ban crypto again! They will just try to screw up regular people and manipulate the market again. I am sure they will try again because that's what politicians and big business people do; they love to screw regular people.
Honestly, it's not possible for any country to ban cryptocurrencies. The most that any country can do is make it very difficult to get cash into the market or get cash out of the market. But they can't stop the protocol, they can't shut down Ethereum, they can't shut down Uniswap, they can't shut down Bitcoin. These protocols are decentralized software that you can run from anywhere in the world if you have an internet connection. You can't just ban technology from growing up.
India's Central Bank RBI Confirms Crypto Banking Ban 'No Longer Valid' — Asks Banks to Stop Quoting It - Source
This positive announcement from India's reserve bank is really a big deal because India has the fifth biggest economy in the world. There are so many crypto investors, miners, companies, exchanges in India. We want innovation for every country; we want everyone on board. So some good news for crypto lately. Also, this positive news will attract more investors and companies to crypto.
Then here comes another country that stated earlier that they are going to ban crypto. But now they took a u-turn and saying that they will allow crypto in their country. The country is Nigeria!
The Governor of the Nigerian Central Bank changes his mind on restricting cryptocurrency trading. Some say he had little choice but to "allow" it. - Source
Nigerian central bank now allowing Bitcoin in their country, which is also big news for the market. Maybe they, at last, realized it's not possible to ban anything like crypto. Nigeria has been a hub of crypto activity for a long time. Nigeria also has the biggest economy in Africa. So, this is positive news that they are allowing easy access to crypto.
And here comes China. So many stories are coming up related to China and crypto recently, like mining crackdown, trading restriction, etc. I really don't know which is real news and which is a FUD. A lot of stuff is happening in China right now with cryptocurrencies. Some big operators have now halted their operation in China and trying to move to central Asia.
So some good news and bad news for Bitcoin and crypto. So much banning and allowing crypto! So what do you think about it?
