When does the crypto ban come into effect?

The crypto ban introduced by the Financial Conduct Authority (FCA) in October 2020 comes into effect on 6 January 2021. The UK’s financial regulatory authority prohibited sales, marketing and distribution of crypto-based investment products to retail consumers.

Are cryptocurrency transactions illegal in China?

China's central bank has announced that all transactions of crypto-currencies are illegal, effectively banning digital tokens such as Bitcoin. "Virtual currency-related business activities are illegal financial activities," the People's Bank of China said, warning it "seriously endangers the safety of people's assets".

Will UK ban on cryptocurrencies save money?

The UK ban, which comes into effect today, prohibits exchange-traded notes (ETNs) that reference certain types of crypto-assets to retail consumers. The FCA mentioned that retail investors will save around $70 million after the recent ban on illegal crypto products.

Should crypto be banned in India?

While talking about the position of crypto in the Indian economy, Das said, " crypto should be banned, given its no underlying value in the market. Just like every asset, every financial product comes with some underlying value, hence the value of crypto is totally based on the make-believe factor."