Silverish government passes law that officialy bans crypto mining, NFTs

September 19, 2022

SILVERIO LAND—Today, Queen Emma IV has signed into law the Cryptocurrency and Digital Product Security Act, also known as the cryptocurrency ban. The law, which takes immediate effect, will forbid the mining of cryptocurrencies in Silverio World, as well as the ability to buy, sell or trade non fungible tokens (NFTs). The law was written in response to the scalping of various electronics throughout Silverio World, from video game consoles and graphics cards to phones and tablets, as well as the rising number of scams related to cryptocurrency investment. The Silverish government has claimed that SP 115.6 billion has ben lost due to crypto scams. It is the conclusion of a massive lobbying effort by the big tech companies and the big banks of Silverio World. The Silverish economy, which has taken a massive downturn due to COVID-19 lockdowns and pandemic-related issues, has never fully recovered because of COVID-19, and as a result, are taking desperate measures to survive.

Cryptocurrency has become a massive industry that has earned more than SP 10.5 billion in 2021. In December 2021, executives of the big three banks of Silverio World (SWB, CY and Bank of Soldina) got together and they declared that cryptocurrency transactions were being used "to fund illegal activities, such as fraud, scams, and money laundering." Months later, in March 2022, the Technology Industry Association of Silverio World, the industry body representing the Silverish tech industry, met in Silverio land with the banks to discuss the cryptocurrency issue. Over the coming months, the Silverish government began gradually cracking down on cryptocurrency and began blocking websites that were selling NFTs.