Pro-blockchain, anti-crypto? The curious case of China, Russia and India

Crypto RegulationBy Michael Borowiec, contributor to Trezor BlogIn this series, we discussed how the majority of economic superpowers see intrinsic, long-term value in incorporating the cryptocurrency industry into its market structures, as long as it plays by their rules. As with anything, in this development there are winners and losers. But the overall sentiment is that crypto is staying relatively independent, with large parts of the sector allowed to thrive, along with a rich ecosystem of tokens alongside it.At the same time, a smaller group of countries is taking a much more cautious approach to regulating cryptocurrencies. There are a number of reasons why some countries reject the technology. Bolivia has banned them since 2014 so as to protect its native currency, the Boliviano.Iran’s central bank similarly prohibited all financial institutions from dealing with cryptos in 2018, following the decade-old logic of curbing terrorism and money laundering within its own borders. Some islamic countries, on the other hand, have had a slow start to crypto adoption due to its religious leaders, such as Egypt’s Grand Mufti, issuing a religious ban on the industry that was lifted only in 2019.Today, we will focus on three economic giants whose relationship with adoption of cryptocurrencies has been problematic, to say the least. China, Russia and India cumulatively are home to nearly three billion people. With a joint Gross Domestic Product (GDP) of nearly 20 trillion USD and a history of technological innovation, they are ripe for propelling the blockchain industry and the …
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