The Federal Republic of Somalia banned three major online platforms, which were either providing or linked with crypto services.
Somalia is officially the Federal Republic of Somalia, a country in the Horn of Africa. Crypto trading & investment is fully legal in the country but every crypto trader is required to pay tax against the gain over investment.
Recently the Federal Republic of Somalia took a step against the unethical crypto-related service providers & supporter platforms.
On 20 Aug 2023, Somalia’s Ministry of Communications and Technology (MOCT) officially announced the ban on the popular messaging platform Telegram, video-sharing platform Tik-Tok, and gambling app 1XBET.
However, Telegram provides crypto investment, trading, & payment via inbuilt Telegram Bots and 1XBet accepts payment in cryptocurrencies from the users but here TikTok is not directly or indirectly related to cryptocurrencies. So the ban against TikTok was a totally strange action.
Jama Hassan Khalif, the MOCT Minister, shared his opinion on this ban and said that the decision was necessary because it was impacting the country’s youth generation badly.
Few media reports claimed that Tiktok faced a ban because many people were using this short video-sharing platform to spread their political agendas & propaganda, which was totally against the country’s ruling government. Here we can’t consider these reports with 100% surity but we can’t blindly deny it because the misuse of the internet is surging rapidly day by day.
As per the Government’s announcement, this decision was necessary to protect the well-being of the nation’s youth and preserve cultural values.
In April of this year, Telegram faced huge legal pressure as the investigations found that neo-Nazi groups used Telegram for inciting violent actions.
On the other hand, Iran unbanned Telegram recently. Which was banned by the country over the data security risk of the citizens.
Read also: Pepe token crashes 16% within a couple of hours, Here is why?
Somalia bans crypto-friendly apps
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