China, India, Russia and the United States are all racing to regulate aspects of the cryptocurrency space.
Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), and most others have fallen dramatically throughout January as a result.
Cryptocurrencies are recovering as regulation starts to be viewed as an accolade rather than a burden.
Cryptos are here to stay, and 2018 is likely to be a good year overall!
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When it comes to cryptocurrency, the hot topic of the day is regulation, and for good reason. Governments around the world have been holding meetings and making announcements left and right surrounding the regulation of crypto-assets. A few examples include:
China Bans Cryptocurrency
Recently, news broke that China, a country that has long been against cryptocurrency, gave a knockout punch to the industry. Ultimately, China has decided to eradicate the crypto-craze by blocking access to any website associated with cryptocurrencies or ICOs. So, in Mainland China, cryptocurrencies, news surrounding the crypto space, and anything else crypto is now inaccessible.
India Ban Fears Wane
Another big story that hit the cryptocurrency space recently surrounds India. In recent comments, India's Minister of Finance, Arun Jaitley, used some pretty harsh words to describe his views toward crypto assets and how they were being used to fund fraud. Here's what Minister of Finance Jaitley had to offer:
The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.
These statements led to a flood of news reports stating that India was likely to ban the use of cryptocurrencies and crypto-assets all together in the region.