In order to avoid what it saw as a potential financial crisis China outlawed all domestic crypto-trading exchanges in September of 2017. This essentially put an end to the Yuan- Bitcoin exchange once one of the biggest drivers in the market.
Up Next in Regulation
In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman. On Wednesday, Congress hosted a pair of back-to-back hearings on the topic of cryptocurrencies, which notably saw Rep. Sherman – no stranger to controversy among crypto circles – call again for a blanket ban on "buying or mining cryptocurrencies." And while Sherman is just one lawmaker among more than 400, social media observers quickly turned their sights on the California Democrat. For example, Sherman was accused of bias because his largest donor this past election cycle is a credit card payments firm based in Los Angeles (where his district, California's 30th Congressional, is based). Sherman's declaration – and indeed, the wider social conversation around the twin hearings – led to a boost for the #CryptoCongress hashtag. According to data from Twitter analytics site Keyhole, the hashtag had a reach of over 1 million accounts and more than 2.7 million impressions from the start of the hearings yesterday to today.
Congressman's Call for Crypto Ban Sparks Social Uproar
In the span of a few hours, it became Crypto Twitter vs U.S. Representative Brad Sherman.
On July 20, the Supreme Court of India will hold a hearing regarding the state of cryptocurrencies in the country. It is a decisive date for the local crypto industry that has been significantly suppressed in the past month by the Reserve Bank of India’s (RBI) ban on all banks' dealings with crypto-related businesses. The hope for an overview of the hardline approach lives on, however, as last week a report citing anonymous sources in the government suggested that cryptocurrencies might be viewed as commodities in the future, and hence become regulated by relevant authorities rather than remain mostly banned.
Is India About To Reverse Its Crypto Trade Ban?
On July 20, the Supreme Court of India might review the RBI crypto ban.
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