Jakarta, CNBC Indonesia – Investors in cryptocurrencies or Cryptocurrencies seem to be starting to smile with relief. The reason is the United States (US) government ensures that it will not carry out an extreme ban on activities related to the currency.
This certainty was expressed by the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler during the DPR session. He was asked whether to ban cryptocurrencies as happened in China.
“Our approach is very different,” said Gensler, quoted by Bloomberg, Saturday (9/10/2021).
He admits that crypto has many problems, but will not follow in the footsteps of the Chinese government.
Gensler said the US government’s focus is on ensuring the industry understands the rules. This starts from investor and consumer protection, anti-money laundering and tax laws.
When there will be a ban, then he makes sure it has to go through ratification by Congress.
This statement also represents the words of Federal Reserve Chair Jerome Powel during a congressional hearing on September 20, 2021. He asserted that he had no intention of banning cryptocurrencies in the US.
Since some time, China has been known to strictly prohibit activities related to crypto money. For example banning activities such as Bitcoin, Dogecoin and Ethereum.
Mining and transactions are also affected by the ban. Even though China is known to be one of the largest markets for crypto money in the world.
China’s central bank also recently declared cryptocurrency transactions illegal and banned digital tokens. The agency also called for cryptocurrency activity to be harmful to public assets, the BBC report said.
Two cryptocurrency exchanges Huobi and Binance reacted to the ban. For example, Huobi terminated the registration of new users in China and terminated user contracts there by the end of the year at the latest.
Binance itself has no exchange operations in China. A spokesman for the company added that it blocked Chinese IPs and confirmed that it would follow the rules of the Xi Jinping government.
“Binance takes its compliance obligations very seriously and is committed to following the requirements of local regulators wherever we operate,” Binance said.
(hps / hps)
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