Market analysts believe that the cryptocurrency sell-off is not over. Government regulators around the world are increasingly scrutinizing the cryptocurrency market. They believe that cryptocurrencies are dangerous investments.
India does not recognize cryptocurrency as legal tender
On Thursday, India vowed to eliminate the use of cryptocurrencies in criminal activities or as part of the payment system. According to the country’s Finance Minister Arum Jaitly, “the government does not recognize cryptocurrency as a legal tender or coin.”
On Monday, South Korea implemented new regulations to prevent speculative investing in cryptocurrency and money laundering. The government will only allow cryptocurrency trading from real-name bank accounts.
In a document released on January 23, South Korea’s Financial Services Commission (FSC) stated that the new rules will “reduce room for cryptocurrency transactions to be exploited for illegal activities, such as crimes, money laundering and tax evasion.”
CFTC developing heightened review process for cryptocurrency futures
Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) is developing a “heightened review” process for bitcoin and other cryptocurrency futures.
