Hey, guys! We’ve written about the countries approving cryptocurrencies recently. Now, let’s speak about the states that treat digital currencies with caution and are hesitant to welcome cryptos with open arms.
China is definitely one of the least friendly countries in the world for cryptocurrencies. In September 2017, the country banned ICOs and cryptocurrency exchanges. Many exchange platforms, for example, Binance, had to move to other countries. In spite of these measures, cryptocurrency holders were still able to trade because some cryptocurrency exchanges used social media to find traders and transact with them. As a result, Chinese authorities in March made a decision to block social media accounts of cryptocurrency exchanges and even to instruct banks to suspend rendering services to clients, who are engaged in cryptocurrency trading.
Some countries could follow the example of China and toughen the conditions for cryptocurrency exchanges to operate up to the ban. Firstly, it is South Korea in spite of the fact that it’s a high-technology country. South Korea is a motherland for a great number of well-known and popular tech brands such as Samsung, LG, etc. It’s no wonder that the Koreans took a great interest in Bitcoin, altcoins, and crypto trading. Consequently, a large quantity of exchanges appeared in the country and the work began. When China banned ICOs and crypto exchanges, South Korea was expected to become a primary crypto center in Asia. Chinese exchange platforms moved to South Korea and its crypto market significantly grew. Then the authorities began to take measures to regulate the cryptocurrency market. The regulators prohibited the crypto exchanges to open new trading accounts in December 2017. The market participants believe that the state regard the cryptocurrency market as a place for financial crimes and tries to stop them. Several days ago, the police conducted a search on UPbit, South Korea’s largest cryptocurrency exchange. UPbit was accused of selling cryptocurrency it doesn’t hold. It also adds fuel to the fire. Who knows, maybe South Korea will become the “next China” and shut down all the crypto exchange platforms in the country? We will continue to monitor developments.
Secondly, India could follow in the footsteps of Chinese authorities. The Reserve Bank of India (RBI) in April ordered all the banks to terminate their business relationships with crypto exchanges. They must do it by the first week of July. It means that the customers will not be able to buy and sell any cryptocurrencies on the cryptocurrency exchange platforms. Nevertheless, the exchanges continue operating. Will Indian regulators go further and make the conditions for the crypto market more rigorous? We will keep you informed.
At the same time, some countries have understood that it’s impossible to stop the progress and changed their attitude towards cryptocurrencies. For example, Reuters reported in April that the Philippines would permit ten blockchain and cryptocurrency companies to operate in the Cagayan Economic Zone Authority (CEZA). It’s a government-controlled economic zone that is located in close proximity to several neighboring countries (for example, China, Vietnam, and Taiwan), which don’t allow such establishments. Such actions of the government show that the Philippines is open to new technologies and changes they bring.
The Noah Project looks forward to take advantage of the new possibilities provided by Philippine authorities. It implies the construction of Noah City in the largest Central Business District in Manila. It will be a real crypto paradise for crypto enthusiasts, supporters, traders, and businessmen. Noah City will have its own internal token called Noah Coin (NOAH) to transact, trade, transfer, exchange goods and services. The Noah holders will get special promotions, discounts, and benefits.
Besides, the Noah users will get an access to Dakak Beach Resort located at Dapitan City, Philippines. Dakak Beach Resort is famous for its powdery white sand beach, perfect blue waters, and vast dive sites with a great number of coral reefs. The guests can visit its huge natural area and catch a glimpse of the local flora and fauna. The resort offers a wide range of services such as tennis, billiards, bowling, golf, horseback riding, ATVing, ziplining, rock climbing, wakeboarding, airsoft, rappelling, cove hopping, scuba diving, snorkeling, kayaking, banana boat, jetski, river cruise, sunset cruise, and much more. The visitors will be able to use Noah Coin at every corner of the resort.
The Philippines is making its first steps in this market and we believe that this country has all the chances to become the “Next Switzerland” with its Zug, the global center for cryptocurrencies and blockchain technology.