Tag: banned

  • How the Plastic Ban Might Affect 3 Lakh Jobs in India?

    In our lives, there are things that have impacted us in some way or the other. Plastics are one of those things that have changed our lifestyle in a way we never thought possible.

    As a result, plastics have been an integral part of our everyday needs. However, one of the most worrisome factors is that single-use plastics are impacting a negative impression on the environment.

    Keeping the thoughts of climate change in mind, and the continuous increase in global warming caused by harmful gas emissions, the government of India has banned single-use plastics. Plastics have been a major part of diffusing greenhouse gases into the atmosphere, thus affecting the quality of air.

    The ban means it is now illegal to manufacture, import, or circulate a range of items from plastic cutlery, straws, bottles, and packaging films to polystyrene. Globally, single-use plastics account for almost 130 million tonnes annually. Due to this, plastic pollution has become a cause of immense concern.

    What Does Single-Use Plastics Mean?
    Why Did the Government Decide to Ban Single-Use Plastics?
    How Will the Plastic Ban Affect the Plastic Industry and Jobs?
    What Do the Experts Have to Say Regarding the Plastic Ban?

    What Does Single-Use Plastics Mean?

    The plastic items which are used only once and discarded are single-use plastics. It is regarded as one of the highest plastic shares manufactured from packaging items to face masks, bottles, food packaging, garbage bags, etc. Our country itself produces about 14 million tonnes of plastics each year.

    Why Did the Government Decide to Ban Single-Use Plastics?

    It is not only India that has announced to ban on plastics, Colombia’s government as well has passed a law banning plastics. In the previous year, France also encouraged to ban plastics and refrained from using them to wrap vegetables and fruits.

    Environmental experts claim that the concern is not the plastic, but that if it stays for a long period in the environment leading to serious issues as the microplastics can enter the soil, thus entering food sources and harming our health.

    Over the past few years, many state governments have engaged in banning the use of plastics but failed to implement it properly. But this time, they are going to set up control rooms to keep a track of any illegal usage or distribution of SUP.

    Plastic Waste in India
    Plastic Waste in India

    How Will the Plastic Ban Affect the Plastic Industry and Jobs?

    Many State Governments have already initiated practices to curb the use of plastics from July 1, 2022. The Municipal Corporation of Delhi has ruled out notices to all e-commerce companies, local shopkeepers, and commercial markets to stop using single-use plastics. Recently, the Kolkata Airport authority has also taken up the ban by putting up posters to stop using plastics.

    The question here is: will the ban on single-use plastics impact employment opportunities?

    Although the impact of the plastic ban can result in a loss of up to Rs 15,000 crore for the plastic industry, and nearly 3 lakh people might lose their job, chances are there is a much likely needed boost for other alternative sectors.

    Perhaps, the ban on plastics will create job opportunities in brand new areas and sectors that nobody ever thought it before. The demand for other alternative sectors will automatically increase, such as cotton and jute industries, motivating tribal communities, and farming communities.

    In India, there are many organisations that focus on creating eco-friendly products like the Madurai Jute Cluster. It is an organisation that trains many underprivileged women in making jute bags, folders, files, gifts, etc, without the use of plastics.

    Another example of a non-government organisation called the Development of Women and Children (DWC) trust was started by Parameswari M, an engineer from Tamil Nadu who indulges in plastic-free products. The organisation trains women and children about the harmful effects of plastics on the environment. They help in creating banana fibres that have the ability to take over plastic packages.

    There are many such communities and organisations that manufacture alternatives to plastics. However, the demand for alternatives is not that high, given that they are too expensive. For a jute industry, finding the right set of skilled workers is also a tough call for industrialists.

    What Do the Experts Have to Say Regarding the Plastic Ban?

    Economists believe that if one particular type of sector shuts down, it will automatically open doors for its alternative sector that will gradually boom creating a lot of employment opportunities.

    If there is a loss of jobs due to this ban, then people who are working in plastic industries with basic skills will be transferred to some other sectors. The prohibition of plastics will immediately push up the demand for substitutes like cotton, paper, jute, bamboo, and many more.

    If these cotton industries replace the plastic industries, then labourers will easily migrate there.

    These days, customers are also slowly understanding the seriousness of the hazardous effects of plastics on the planet. There has also been a  growth in the use of recycled items.

    In the latest guidelines issued by the government regarding the ban, they have asked suppliers to make them thicker to encourage their reuse. This gives a chance for the existing industries to alter the quality of plastic. Recycle waste industries will also offer employment opportunities due to the increasing need for recycled products.

    Conclusion

    The ban on plastics does seem like a good decision for the environment, however, it is hard to tell whether there can be a complete ban on plastics. The fact that banning single-use plastics will impact people in many ways, but it was inevitable in the larger interest of the welfare of society.

    The Confederation of All India Traders (CAIT) has requested to push the ban to next year in fear of the crash of many MSMEs and the sudden loss of jobs. The ban on SUP will take some time to come into effect. It is now up to the Government because they need to make significant investments in R&D and innovative technology to create alternative products.

    FAQs

    How would banning plastic affect businesses?

    Banning plastic will shut down businesses that produce plastics which will result in the loss of jobs.

    How does plastic affect our economy?

    Plastic ban increase the prices of goods and services and the profit of manufacturers reduces which affects the economy.

  • Why Did the Indian Government Ban 22 YouTube News Channels?

    YouTube has become a daily part of our life, for most of us, it is the main form of entertainment videos. Apart from the entertainment it also provides information and news, food recipes, and educational videos. You name it and the video-sharing platform has it.

    In a span of a few years, YouTube has become a big industry itself. It has become a platform where people can share their talents and can get noticed by the entire world. It is a global platform where one can share any kind of video; it is the second-largest search engine in the world and there is hardly anything that one cannot find on this platform.

    This platform enables you an option to communicate with a large audience, people have made it a business, and are earning through it by sharing information, providing entertainment, and sharing their talent and lifestyle.

    Through YouTube, many people are getting jobs and have a stable income now because of the content they are providing the world with. It has also given the power to people to provide information and news to the world, but with ‘great power comes great responsibility. Recently the Indian Government has banned 22 YouTube Channels. In this article, we will talk about the reason for the ban and how other YouTube channels can avoid this situation.

    “The joy of YouTube is that you can create content about anything you feel passionate about, however silly the subject matter.” -Zoe Sugg

    Government Banned YouTube Channels
    List of YouTube Channels Banned by the Indian Government
    Why These YouTube Channels Are Banned?
    How to Not Get Your YouTube Channel Blocked by the Government?

    Government Banned YouTube Channels

    Recently, 22 YouTube Channels were banned by the Indian Government. As per the new IT rules of 2021, it is the first time that YouTube Channels are blocked. Among these 22 YouTube Channels, 18 are Indian channels and 4 are from Pakistan.

    It is mainly done because these news channels were spreading fake news and disinformation, which can be a security concern for the country and disrupt the public order. All these happened after the new IT rules came into force. As per reports, these YouTube channels had over a billion viewers before they were blocked.

    List of YouTube Channels Banned by the Indian Government

    Some of the Indian YouTube Channels that are blocked are:

    • AOP News
    • ARP News
    • LDC News
    • SS ZONE Hindi
    • Smart News
    • Online Khabar
    • DP News
    • PKB News
    • KisanTak
    • Borana News
    • News23Hindi
    • Sarkari News Update
    • Bharat Mausam
    • RJ ZONE 6
    • Exam Report
    • Digi Gurukul

    The Pakistan based News Channels that are blocked by the Government are:

    • DuniyaMereAagy
    • Ghulam NabiMadni
    • HAQEEQAT TV
    • HAQEEQAT TV 2.0

    Why These YouTube Channels Are Banned?

    All the 22 channels were reportedly spreading misinformation regarding various topics, which include the Armed forces, Kashmir, Covid-19 and the recent Ukraine-Russia war.

    Screenshots of the YouTube Channels released by Indian Government
    Screenshots of the YouTube Channels released by Indian Government

    All these channels were using logos and distorted clips from other news channels and were merging them together and spreading disinformation amongst the public. These were done to gain views from the public. This was creating angst among the public and slowly becoming a national security concern.

    After new IT rules came into force, the Government got good control over the content posted on social media since then, they were blocking channels that are spreading fake information.

    How to Not Get Your YouTube Channel Blocked by the Government?

    It is a matter of concern for YouTubers as Governments is now stricter with their policies they are blocking channels that are being a ‘threat’ to the nation. So to avoid getting your channels blocked by the Government, you need to follow some rules and they are:

    • The first thing you need to do is avoid spreading disinformation and fake news to the public by showcasing distorted content in the name of creating content.
    • Be responsible while creating content, don’t just put it on the platform just for the sake of getting views. Remember, you’re responsible for the effect your content will create on people.
    • Do your research properly before making the content.
    • Check out authentic sources before indulging in creating content.
    • Re-check the facts and learn to differentiate between facts and opinion.

    Conclusion

    YouTube surely has given us an opportunity to showcase our talent on the global platform by making videos and through this, we can also have a stable income. Apart from this, we can create any type of content and it can blow if it is relatable to our audience. With the IT rules and the Government’s stricter policies, one needs to be more careful while creating any type of content. Especially if it is providing information to the public.

    FAQs

    Why did the Indian government ban YouTube news channels?

    The Indian government banned 22 youtube channels under IT Rules 2021 as the news channels were spreading fake news.

    Which are the YouTube channels that are banned?

    AOP News, ARP News, LDC News, SS ZONE Hindi, Smart News, Online Khabar, DP News, PKB News, KisanTak, Borana News, News23Hindi, Sarkari News Update, Bharat Mausam, RJ ZONE 6, Exam Report, Digi Gurukul, DuniyaMereAagy, Ghulam NabiMadni, HAQEEQAT TV, and HAQEEQAT TV 2.0 are some of the YouTube channels that are banned by the Indian government.

  • Why did the Chinese Government Ban the ride-hailing firm Didi?

    The Chinese Government had been hunting down the tech giant Alibaba for a long time in the country and has also ensured to remove Jack Ma from his board member position. The Government and the regulatory authority have recently removed a tech company from the app store of China soon after it was listed on the NYSE. Let’s look at why China had banned Didi.

    Didi – Latest News
    About Didi
    Why was Didi Banned in China?
    Didi’s response on the Ban
    Chinese regulators on overseas listed companies
    FAQ

    Didi Ban – Latest News

    The shares of the company, Didi had seen a fall of around 20% as the Chinese Regulators had removed the application from the app store in China. The company has been all over the news in regards to the troubles in China.

    The mobile application is said to have been collecting various information from the customer and this is considered to be the major reason for tightening the restrictions on the mobile application.

    The company had been listed on the New York Stock Exchange but just after some days of the listing the Government of China had accused Didi of cybercrime and have suspended the new registration of customers on the app.

    About Didi

    Didi is a Chinese based vehicle hiring company that was started in the year 2012. The company has its headquarters in Beijing and has more than 550 million users and tens of drivers associated with it.

    The services provided by the company include transportation services, social ride sharing, taxi hailing, bike sharing, social ride sharing etc. which are app-based services. They also provide services such as on demand delivery services, automobile services which include leasing, sales, financing, maintenance, electric vehicle charging, co-development of automobiles with automakers, etc.

    In the year 2016, the company had acquired the Uber in China and has established a prominent space in the industry.

    Why was Didi Banned in China?

    The Chinese regulators have conveyed that the app posed a cybersecurity risk for the customers and that is one of the major reasons to remove the mobile application from the app store. The regulators have also accused the company for have collecting and using the personal information of the customers illegally.

    Some experts have estimated that the crackdown on Didi by the Chinese regulators is an attempt to prevent the data and information of the Chinese companies to be leaked outside. The company was listed on the New York Stock Exchange in month of June 2021.


    Why did China ban Cryptocurrencies Transactions and How it Affected the market?
    China has recently banned cryptocurrency transactions. Lets Find out why did it banned cryptocurrency transactions and how will it affect the market?


    Didi’s response on the Ban

    The shares of Didi have been falling since the tightening of regulations from the Chinese authority. The investors of the company have been clattered and this has happened within a week since the company had gone public in the United States.

    Didi Share Price
    Didi Share Price

    Didi is enormously reliant on its home market and has more than 300 million active users in the country. The company has conveyed that they are working with the regulators in order to comply with the rules and regulations and towards working to make certain changes to the application.

    Chinese regulators on overseas listed companies

    The Regulators of China has stated that they would increase the regulations that they have laid down on the overseas listed companies. The country will start regulating a keeping a periodic check on the information such companies are sending and receiving across the borders. The motive is said to ensure that the Chinese consumers are safe from cybercrimes or the leak of personal information.

    The Government has made a strict order to punish certain illegal activities by the companies such as fraudulent share issuance, market manipulation, embezzlement, etc. The regulators have conveyed that the securities fraud was prominent in the overseas market.

    Conclusion

    However, the company has conveyed that the customers and the drivers who had already downloaded the application won’t be affected due to the crackdown and also the company has stated that it expects a hit in its revenue generation in the country.

    FAQ

    When was Didi Chuxing founded?

    Didi Chuxing was founded in 2012 by Cheng Wei, Zhang Bo, Wu Rui.

    Why did China ban Didi?

    China’s internet regulator banned Didi’s, saying it illegally collected users’ personal data.

  • Reasons why Battlegrounds Mobile India might get ban soon

    PUBG was one of the major games that were played by both Millennials and GenZ in India and had the major market share of the mobile gaming market in India. Later the Government of India banned the mobile applications due to the tensions created between China and India citing data privacy as one of the reasons.

    However, the company managed to release a new version of its game in India but it is said that even the new version of the game would get a ban in India, and let’s look at the reasons behind it.

    Battlegrounds Mobile India – Latest News
    Reasons Why Battlegrounds Mobile India might get ban
    FAQ

    Battlegrounds Mobile India – Latest News

    Krafton which is the developer company of the mobile game had decided to roll out a new version of the game in India after the ban of its previous version of the game PUBG. The company had released a new game concentrating only on the Indian market named Battlegrounds Mobile India.

    However, the efforts of the company in order to make a comeback in India are expected to be crushed as the parliaments in India have reported having called for a ban on the new version of the game.


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    Reasons Why Battlegrounds Mobile India might get ban

    The parliaments in India have provided major reasons for banning the new version of PUBG which was released by Krafton concentrating only on the Indian market. On 22 May 2021, the current MLA of Arunachal Pradesh and the former Union Minister Ninong Ering had written a letter to the Prime Minister of the country, Narendra Modi regarding the ban of the mobile game.

    In the letter written to the Prime Minister, the MLA had clearly mentioned that the new game is just a relaunch of its old version PUBG. He also alleged that the developer company has employed developers from Tencent which is a Chinese-based tech company that was one of the leading investors of PUBG Mobile India and was in charge of the PUBG Mobile game in India.

    He also conveyed in his letter that when you look at the terms and conditions of the mobile game application on the Google play store on the listing of Battleground Mobile India, it shows the term PUBG Mobile.

    He also added that this matter is a concern of the security of the country and pointed out an investment of USD 22.4 billion in the homegrown gaming firm of the country Nodwin by the mobile game developer firm Krafton.

    Even Abhishek Singhvi who is the current member of the parliament added that the release of Battlegrounds Mobile India will be a way through which Tencent would re-enter the mobile gaming market of India.

    Number of mobile gamers across India
    Number of mobile gamers across India

    Even the CAIT (Confederation of all India Traders) had written a letter to the Union IT and communication Minister Ravishankar Prasad in order to ban the Battlegrounds Mobile India stating that it is not only a threat to national security and the sovereignty of India but also harms the younger generation of the country.

    He has also requested Google to not list the game on the Google play store and conveyed not to let the developers of the game use the play store as a platform.

    As per certain reports from the IGN India, the data of the players were sent outside the country and have been received in several other places which include China as well.

    The CAIT also added that the mobile game would pose a threat to the millions of data of the users and would create privacy and data concerns among the Indian citizens.


    PUBG, TikTok, 175 Banned Chinese Apps 2020 | List of Chinese Apps Banned in India
    The government on 2nd September banned 118 applications- a majority of beingChinese, including popular ones such as PUBG, WeChat Work, CamCard, Rise ofKingdoms: Lost Crusade and Alipay; stating that these were “prejudicial tosovereignty and integrity of India, security of State and public order.”…


    Conclusion

    However, Krafton had released a beta version of the game which has received a lot of positive reviews and major downloads. The company has conveyed that they would be releasing more slots in the beta version of the game. We will have to look forward to whether Battleground Mobile India would see a ban in the coming days or not.

    FAQ

    Is Battleground Mobile India banned in India?

    No, it is not banned in India but might get banned soon as CAIT (Confederation of all India Traders) had written a letter to the Union IT and communication Minister, Ravishankar Prasad to ban the Battlegrounds Mobile India stating that it is not only a threat to national security and the sovereignty of India.

    Why was PUBG banned in India?

    PUBG was banned in India under section 69A of the Information Technology Act by the Centre citing these apps were engaged in activities that were prejudicial to sovereignty and integrity, defence and security of the country.

    When was PUBG banned in India?

    PUBG was banned in India on September 2, the Indian government banned the game in India under Section 69A of the Information Technology Act.

  • Why was Twitter Banned in Nigeria?

    Nigeria has recently announced that the social media platform Twitter is to be blocked in the country. The social media giant has been banned by the Nigerian government led by Muhammadu Buhari, who has also ordered to prosecute and arrest the people who will continue to use Twitter in the country in any form.

    If you are wondering why the government blocked the popular social media platform, then here we will bring you all the information related to the banning of Twitter!

    Nigeria Twitter Ban – Latest News
    Tweet by the President of Nigeria
    Nigerians Sidestepping the Twitter ban
    Twitter’s Response on Ban by Nigeria
    FAQ

    Nigeria Twitter Ban – Latest News

    Nigeria had blocked access to Twitter across the country after it had removed a tweet dated June 1, 2021, from its President, Muhammadu Buhari’s account. The Federal Ministry of Information and Culture of Nigeria had conveyed through a series of tweets on 4 June 2021 that the government has suspended the social media app Twitter indefinitely.

    The reason given by the Federal Ministry behind the ban was the continuous use of the social media platform for the activities that aim to threaten the corporate existence of Nigeria.

    Tweet by the President of Nigeria

    On 2 June 2021, the social media platform Twitter had removed a tweet from Muhammadu Buhari, the President of Nigeria’s account, saying that the tweet had violated its policy related to abusive behavior.

    In his tweet, Buhari announced that “those misbehaving today” will be treated in “the language they understand.” The President’s post was directed at the secessionist movement in the country and was read as a threat to the secessionists that further went on to portray “the destruction and loss of lives” during the Nigerian civil war.

    The tweet was interpreted by Twitter as a threat note, comprising of the bloody connotations of the past violence perpetrated around the country during the civil war of the 1960s, which is attributed to a million deaths and countless other injuries, where Buhari served as the military ruler of Nigeria.

    Here goes the full original tweet that the President posted:

    “Many of those misbehaving today are too young to be aware of the destruction and loss of lives that occurred during the Nigerian Civil War. Those of us in the fields for 30 months, who went through the war, will treat them in the language they understand.”


    Why Facebook, Twitter, Instagram might get banned in India? – A Deep Analysis
    In the past few days, the headlines and the major posts on various social mediahandles were about the ban of the social media applications in India. Let’s lookat why the social media giants such as Facebook, Twitter, Instagram might getbanned in India. Why The Government of India might ban Faceb…


    Total number of Active social media users in Nigeria
    Total number of Active social media users in Nigeria

    Nigerians Sidestepping the Twitter ban

    Many Nigerians have not been cooperating with the ban by using a virtual private network to access Twitter. The social media platform, Twitter is considered to be one of the main platforms that are available for the Nigerians to criticize their government. The government has released the order, which conveyed that the people using the social media app would be arrested and prosecuted.

    Twitter’s Response on Ban by Nigeria

    Twitter had responded to the ban saying that they were deeply concerned about the Nigerian government blocking the social media platform. They further added that the open internet and access to it is considered to be an essential human right in modern society.

    Twitter, through its public policy account, has conveyed that it would work towards restoring the social media platform for the users in Nigeria in order to communicate and connect with the entire world.

    Twitter, Facebook and other social media platforms are trying to figure out an effective way to deal with the controversial tweets used by the politicians. Earlier Twitter had removed the former US President Donald Trump’s tweets and have banned him permanently from Twitter.


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    Conclusion

    With the rising popularity of Twitter that has already become a sensational social media platform, which deals with the tweets from celebrities from all walks of life, who prefer Twitter and expresses themselves as freely as possible, negative, abusive tweets and threat notes are pouring in and becoming increasingly difficult to handle. Therefore, Twitter and similar platforms are looking to find an effective way out.

    In the meanwhile, Florida has issued a new law that will fine the social media platforms such as Twitter, Facebook, Google, and other tech companies if they permanently ban or kick off politicians from their platforms.

    FAQ

    Is Twitter banned in Nigeria?

    Yes, Twitter was banned in Nigeria on 5th June after the tweet of its president was removed by the social media giant.

    Why did Nigeria suspend twitter?

    Nigerian Government suspended twitter after the microblogging site removed tweet by the President of Nigeria.

    Does Twitter have an office in Nigeria?

    Twitter does not has an office in Nigeria but has announced of opening their first office in Ghana.

  • Why Facebook, Twitter, Instagram might get banned in India? – A Deep Analysis

    In the past few days, the headlines and the major posts on various social media handles were about the ban of the social media applications in India. Let’s look at why the social media giants such as Facebook, Twitter, Instagram might get banned in India.

    Why The Government of India might ban Facebook, Twitter, Instagram
    The new Social media norms by The Government of India
    Social media platforms that have not accepted the new norm
    Will the Social media Apps really get banned?
    The Consequences of the Social media Ban
    FAQ

    Why The Government of India might ban Facebook, Twitter, Instagram

    During the month of February, the Government of India had provided a new norm that is supposed to be followed by all the social media companies in the country. The Government of India had provided a time period of 3 months where the deadline for accepting the new norms was on 25 May 2021.

    The social media giants such as Facebook, Twitter, Instagram and WhatsApp have not accepted the norms and have not made any provision to follow the norms.

    The new Social media norms by The Government of India

    As per the new norm, the large social media platforms defined as those who have more than 50 lakh registered users will have to appoint a resident grievance officer as part of a larger grievance redressal mechanism, they will also have to actively monitor the content on their platform and also provide a monthly compliance report for Indian users and self-regulation mechanism.


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    Social media platforms that have not accepted the new norm

    As of now only the Indian based social media application Koo has accepted the norms and the guidelines put forward by the government. The other social media giants have not accepted the norms and WhatsApp has also filed a complaint against the government in the High Court of Delhi.

    The social media giants such as Facebook, WhatsApp and Twitter have conveyed that accepting the new norm would end the privacy of the users and messaging platforms such as WhatsApp will no longer be end-to-end encrypted.

    Number of social network users in India
    Number of social network users in India

    Will the Social media Apps really get banned?

    It is to be noted that if the social media platforms do not comply with the new norms and don’t follow the guidelines, they will not be banned by the Government but they will lose their status as a social media platform and various protections they receive as intermediaries.

    The Government of India can also file a case against the social media companies for not following the rules as per the law of land.


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    The Consequences of the Social media Ban

    The main consequence if the social media platforms accept the ban would be faced by the users and the citizens of the country is that they would lose the right to speech and they would not be able to freely express their view points on the social media platforms.

    If the social media platforms are banned in the country it would largely affect the economy of the country adding to a lot of people becoming unemployed as a large number of people run their online businesses through Instagram, Facebook and Twitter.

    The ban on the social media giants will also largely affect the other companies in India as they rely on these platforms for advertising their products and services. The social media platforms even provide an option where the companies can target their customers.

    It would even affect the Indian based employees working in the various social media companies as the ban would lead to unemployment to a lot of them working in the Indian subsidiaries of the social media companies.

    This is estimated to largely affect the economy as the businesses which have build a profile on the social media platforms would run under loss and also taking the critical situation of the Covid pandemic and increase of unemployment in the country would have a large effect on the economy of the country.

    FAQ

    Why is social media getting banned?

    Social media apps might get banned if they fail to comply with the new intermediary guidelines for social media platforms.

    What is the new IT rules for social media?

    The new IT Rules 2021 for digital media platforms includes the requirement to appoint a resident grievance officer as part of a larger grievance redressal mechanism, active monitoring of content on the platform, and monthly compliance reports for Indian users.

    Has WhatsApp sued Indian government?

    Yes, WhatsApp has filed a case in the Delhi High Court against the Indian government, seeking to block the new IT rules.

    Conclusion

    India has around 53 crore WhatsApp users, 41 crore Facebook users, 21 crore Instagram users and around 1.75 crore Twitter account holders. These are the major social media companies operating in India and the Indian based application Koo has around 60 lakh users.

  • Why did China ban Cryptocurrencies Transactions and How it affected the market?

    One of the major countries in the world China has banned any transactions and financial products related to cryptocurrency in the country. The Chinese government had earlier bought certain regulations towards these financial assets. Let’s look at the reason for the ban and how it has affected the cryptocurrency market.

    About the Ban on Cryptocurrency by China
    Earlier Restrictions by China on Cryptocurrency
    The Recent Regulations of China on Cryptocurrency
    Impact of the Regulation by China on the Businesses of Cryptocurrency
    FAQ

    About the Ban on Cryptocurrency by China

    The regulators of China have increased the restrictions on the financial institutions and the payment companies from providing various services that are related to cryptocurrency which is a fresh crackdown on the cryptocurrency market.

    Most of the new rules laid down by the regulators are considered to be an extension of the previous ban and are expected to fill the loop holes that were present after the previous restrictions in the country which allowed certain payment firms and financial institutions to continue in the cryptocurrency field.

    Earlier Restrictions by China on Cryptocurrency

    The earlier restrictions made clear that China had considered cryptocurrencies to be an illegal tender and did not accept the digital coins or provide any services related to it.

    In the year 2013, the Chinese government had defined bitcoin to be a virtual commodity and allowed their citizens to trade the digital coins. But later in the same year, the financial regulators of China including the PBOC had banks and other financial companies from providing any services related to bitcoins.

    Later in the year 2017, the country had banned Initial Coin Offerings (ICOs) in order to eliminate the financial risk and to save the investors of their country. The ICO rules also banned the cryptocurrency exchanges to convert the legal tenders into cryptocurrencies or converting cryptocurrencies into legal tenders.

    The restrictions that were laid down in 2017 had let a lot of cryptocurrency exchanges and the trading platforms to shut down and shift their services from China to other countries. According to a report from PBOC around 88 virtual currency trading platforms and around 85 ICO platforms had withdrawn from the market by 2018.


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    The Recent Regulations of China on Cryptocurrency

    Three financial industry Associations have directed all the financial institutions and payment companies to not offer any services related to cryptocurrencies to their clients such as currency exchanges, trading, registration, clearing and settlement.

    Additionally, the institutions were banned from providing cryptocurrency trust, saving or pledging services or even issuing any financial products related to cryptocurrencies. Even the services related to cryptocurrencies such as insurance and derivatives trading is also banned in the country.

    The decision was taken collectively by three major regulators of China which include the China Bank Association, the National Internet Finance Association of China and the Payment and Clearing Association of China. The decision was posted by the People’s Bank of China (PBOC).

    The firms are also asked to step up in monitoring the flow of money which are involved in cryptocurrency trading.

    China Ban on Cryptocurrency
    China Ban on Cryptocurrency

    Will Cryptocurrency be taxable in India?
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    Impact of the Regulation by China on the Businesses of Cryptocurrency

    The new regulations bought in by China have made it difficult for the individuals to buy cryptocurrencies using various payment channels and this could also impact the businesses of the cryptocurrency miners in the country by making it harder for them to exchange the mined cryptocurrencies for Yuan.

    Even the banks and the financial institutions will face challenges in analyzing the flow of money that is related to cryptocurrency. In response to the regulations laid down by China, the bitcoin association of Hong Kong had replied to their tweet saying for the people who are new to bitcoin, it is compulsory for the People’s Bank of China to ban bitcoin at least once in a bull run.

    After a day on the ban of cryptocurrencies in China there has been a fall in value of cryptocurrencies such as bitcoin, Ethereum, Binance coin, Dogecoin, Litecoin, Polkadot and many others.

    The bitcoin has been the lowest price since January 2018. The market capitalization value of the cryptocurrencies had declined from USD 2.5 trillion to USD 1.5 trillion which is a 38 % contraction.

    FAQ

    What did China say about Cryptocurrency?

    The People’s Bank of China reportedly said virtual currencies can’t be used as a form of payment because they aren’t real currencies.

    Why is Cryptocurrency banned in China?

    China banned Cryptocurrency to curb money laundering.

    No, It is not legal to buy Bitcoin in China.

    Conclusion

    Chinese regulators consider cryptocurrencies to be a potential threat to their national currency Yuan. This had led the People’s Bank of China to launch its own digital currency. The regulations is expected to create a negative impact on a lot of people that are related to the cryptocurrency market.

  • Why FDA might ban Menthol cigarettes in USA

    The Food and Drug Administration of the United States has announced a plan to ban menthol cigarettes and cigars with flavors by next year. Let’s look at why the FDA is planning to ban menthol cigarettes in the country.

    About The ban
    Reason for the Ban
    What Research Suggests
    Downsides of the Ban
    FAQ

    About The ban

    On 29 April 2021, the United States Food and Drug Administration had announced its plans to ban the menthol cigarettes and the cigars with flavour additives within the next year.

    Xavier Becerra who is the secretary of the Department of Health and Human Services (HHS) had said in a statement that the science-based decision is the reflection of the administration of Biden in order to commit towards the improvement of the health of all Americans.

    He also added saying that this step will help to tackle the differences in health in the most marginalized communities.

    Reason for the Ban

    In the United States, Menthol is the only flavour that is allowed to be used in cigarettes which are marketed in the country according to the 2009 Tobacco Control Act (TCA). The main reason for the ban of Menthol Cigarettes is a step taken by the agency to try to take action to reduce the addiction to tobacco and to reduce the deaths related to smoking.

    In order to achieve the above goal, the Food and Drug Administration believes that the ban on menthol cigarettes would help. There are strong pieces of evidence that the ban on menthol cigarettes will help people quit smoking.

    The FDA said in a statement that certain studies show that menthol increases the need for tobacco and it also leads to regular smoking, which is particularly seen in the youth and the young adults. The agency had further added saying that the menthol cigarettes will cover the unpleasant flavours and the harshness of tobacco products which leads to an increase in their consumption.

    FDA to Ban Menthol cigarettes
    FDA to Ban Menthol cigarettes

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    What Research Suggests

    In certain studies, it is found that there are more blacks for the use of menthol cigarettes. According to The New York Times, since the year 1950, the menthol cigarettes have been marketed to the smokers of the black community in the United States.

    According to a report that is noted by the FDA, In the United States, there are around 18.6 million users of menthol cigarettes and out of which 85 % of the consumption is done by black smokers and the rest are white smokers.

    As per a study which was published in the BMJ Journals, around 21. 5 % of the people in the Canadian provinces had quit smoking due to the ban of menthol cigarettes in seven provinces and around 59.1 % of the smokers switched to non-menthol cigarettes.

    The study had noted that the smokers of menthol cigarettes were more likely to quit smoking when compared to the non-menthol smokers to make an attempt to quit.

    Even though there are likely chances for a menthol cigarette smoker to switch to non-menthol cigarettes, the ban of menthol cigarettes is associated with quit attempts at a higher rate and also quit success with menthol smokers compared to non-menthol smokers.

    The study noted that the ban on menthol cigarettes has helped the menthol smokers to prevent the relapse towards smoking by the ones who had quit before the ban.


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    Downsides of the Ban

    There are certain downsides as well due to the ban on menthol cigarettes. As per certain critics, the banning of menthol cigarettes may not achieve the expected results among smokers and may lead to a black market for the menthol cigarettes.

    Legal and Advocacy Organization (ACLU) had written a letter to Becerra after the announcement of the FDA’s decision. In the letter, ACLU has conveyed that the ban on menthol cigarettes would lead to serious implications on racial justice.

    FAQ

    Is menthol FDA approved?

    FDA and the U.S. Food and Drug Administration is planning To Ban Menthol Cigarettes in the United States.

    Are newports menthol?

    Newports is an American brand of menthol cigarettes, currently owned and manufactured by the R. J. Reynolds Tobacco Company.

    What does FDA stand for?

    FDA stands for Food and Drug Administration.

    Conclusion

    The decision of the FDA towards the ban of menthol cigarettes is a significant step taken by the commission on the health of the citizens in the country. The letter had said that the ban would trigger criminal penalties which would impact the people on the basis of colour disproportionately.