Why Cryptocurrencies Banned? Official Statements of World's Financial Authorities on Cryptocurrency

OJK prohibits financial institutions, especially banks, from serving crypto currency transactions in any form.
OJK prohibits financial institutions, especially banks, from serving crypto currency transactions in any form.

The Indonesian Financial Services Authority (OJK) has just announced a firm stance on cryptocurrency transactions. OJK prohibits financial institutions, especially banks, from serving crypto currency transactions in any form.

OJK has a number of strong reasons why this policy was made.

Apart from OJK in Indonesia, a number of countries in the world also have the same attitude regarding cryptocurrency transactions.

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Monetary Authority of Singapore (MAS)


• Cryptocurrency firms cannot market their services on public transport, public transport venues, public websites, social media platforms, broadcast and print media, or on physical ATMs. They are also barred from promoting their products via social media influencers and other third-party marketing services.

• MAS strongly encourages the development of block-chain technology and innovative application of crypto tokens in value-adding use cases. But the trading of cryptocurrencies is highly risky and not suitable for the general public.

European Central Bank

• (Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity,”

• There has to be regulation. This has to be applied and agreed upon at a global level because if there is an escape that escape will be used.

Central Bank of India

• Investors in cryptocurrency should keep in mind that they are investing at their own risk. They should also keep in mind that the cryptocurrency has no underlying, not even a tulip,” referring to the Dutch tulip bulb market bubble in the 17th century.

• Private crypto currency or whatever name you call is a big threat to our macroeconomic stability and financial stability.

Bank of England

• They have no intrinsic value.

• Bitcoin could be “worthless” and people investing in the digital currency should be prepared to lose everything. Their price can vary quite considerably and [bitcoins] could theoretically or practically drop to zero

• Enhanced regulatory and law enforcement frameworks, both domestically and at a global level, are needed to influence developments in these fast-growing markets in order to manage risks, encourage sustainable innovation and maintain broader trust and integrity in the financial system.

The Russian Central Bank

• Cryptocurrencies' increasing popularity raised concerns about risks to financial stability. The situation in developed market countries more and more resembles the so-called shadow financial system.

• Russia's central bank proposed banning the mining, creation, and use of cryptocurrencies.

Turkey Central Bank

• Transactions carried out through the use of cryptocurrencies presented "irrevocable" risks. Crypto assets are "neither subject to any regulation and supervision mechanisms nor a central regulatory authority. Their market values can be excessively volatile

People Bank of China

• Overseas exchanges providing cryptocurrency services to mainland China will be considered illegal.

• All cryptocurrency transactions illegal in mainland China

• Cryptocurrency is "disrupting the economic and financial order, breeding illegal and criminal activities such as gambling, illegal fund-raising, fraud, pyramid schemes, and money laundering, and seriously endangering the safety of people's property.

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