This is bad news for people who are into Bitcoin and cryptocurrency in India and of course any bad news in a country as big as India can be bad for the whole cryptocurrency as well. Though there has been no major negative reaction generally speaking this news is still bad for all of us. While I am still hoping that soon India can open up their market to cryptocurrency, we have no choice but to respect the government's decision.
Topic: India and Pakistan - page 2. (Read 277 times)
This is bad news for people who are into Bitcoin and cryptocurrency in India and of course any bad news in a country as big as India can be bad for the whole cryptocurrency as well. Though there has been no major negative reaction generally speaking this news is still bad for all of us. While I am still hoping that soon India can open up their market to cryptocurrency, we have no choice but to respect the government's decision.
I don't know what is up with India and Pakistan. Be it any form of currency, it brings revenue and people start investing in it. And investment is a personal choice. If government or banks think that it is illegal, why not authenticate all the cryptocurrencies and then give an official approval?
This is bad news for people who are into Bitcoin and cryptocurrency in India and of course any bad news in a country as big as India can be bad for the whole cryptocurrency as well. Though there has been no major negative reaction generally speaking this news is still bad for all of us. While I am still hoping that soon India can open up their market to cryptocurrency, we have no choice but to respect the government's decision.
India and Pakistan banned the trading of crypto currencies.
India :
The Indian government previously compared the investment of crypto currency to the Ponzi scheme that offered an unusually high return to early investors.
The government has also formed a panel to investigate the crypto-currency and plans to appoint regulators to oversee unregulated exchanges.
The founder of The Block Chain and Cryptocurrency Committee, Vishal Gupta estimates that at least 4 to 5 million people in India have a kind of crypto currency and that 60% of them just enter the market between October and December, when prices are at the top.
The bitcoin price fell to a low of 350,000 rupees (US $ 5,392) compared to the international market price of US $ 6,617, following the announcement of the RBI.
Pakistan :
Bank Negara Pakistan tells banks and other financial services providers to refuse customers looking for crypto currency transactions. The central bank also said that those who use crypto currency to transfer funds outside Pakistan may be prosecuted.
India :
The Indian government previously compared the investment of crypto currency to the Ponzi scheme that offered an unusually high return to early investors.
The government has also formed a panel to investigate the crypto-currency and plans to appoint regulators to oversee unregulated exchanges.
The founder of The Block Chain and Cryptocurrency Committee, Vishal Gupta estimates that at least 4 to 5 million people in India have a kind of crypto currency and that 60% of them just enter the market between October and December, when prices are at the top.
The bitcoin price fell to a low of 350,000 rupees (US $ 5,392) compared to the international market price of US $ 6,617, following the announcement of the RBI.
Pakistan :
Bank Negara Pakistan tells banks and other financial services providers to refuse customers looking for crypto currency transactions. The central bank also said that those who use crypto currency to transfer funds outside Pakistan may be prosecuted.
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