How Indian Crypto ban Suffocated the market

2018-7-5 22:14

The past couple of years have been wild for cryptocurrency.  The industry witnessed a rollercoaster ride of gains and sell offs as the price went from under $1000 to nearly $20000 by the end of 2018. These unpredictable rises and falls put Bitcoin and other cryptocurrencies on the map of central banks and governing bodies around the world.  

In India, things were no different as the Reserve Bank of India or the RBI, took notice of the the growing market of digital assets garnered the attention of the public.  India’s Reserve Bank made their thoughts on crypto clear when they announced a crackdown on crypto that will go into effect on July 6th 2018.

As Bitcoin started its bull run in November of 2017, millions became not only aware, but interested in investing in the digital asset along with other altcoins.  The boom led Indian lawmakers and the RBI to issue warnings to potential investors that they could be involved in Ponzi schemes and risk total loss of their initial investments.  

By January the Indian government issued a statement notifying citizens that cryptocurrency is not legal tender and began blocking crypto exchanges from making withdrawals and deposits.  

Shorty after that statement, finance minister Arun Jaitley told Indian citizens that the Indian government would take action to ensure that cryptocurrencies wouldn’t be used to aid crimes.  

The rough bear market that Bitcoin and the rest of the cryptocurrency sector has suffered could have a lot to do with second most populous country on Earth coming down so harshly on its trading and use.  

In their fight to remove the ban, Indian crypto exchanges have appealed to the lawmakers and banks to probe and regulate the markets, but not to ban the trading of Bitcoin and altcoins altogether.

Crypto experts have argued that the harsh statements and regulatory actions of lawmakers and banks have stunted the growth and adoption of cryptocurrency, but that proper regulations would prevent the crimes that governments fear, while also improving the economy for millions.

The post How Indian Crypto ban Suffocated the market appeared first on ZyCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.00770752 (-100%)

ban indian suffocated crypto market falls put

ban indian → Результатов: 18


Indian Crypto Industry Reacts as Government Presents Bill to Ban Digital Assets

Sadly, this year has come with a jolt of reality, showing that all the progress of 2020 was essentially fruitless. Yes to a CBDC, No to Private Cryptos Earlier this year, the Lok Sabha Bulletin confirmed that the Indian government had introduced a new draft regulation that will see the country ban all private cryptocurrencies […] The post Indian Crypto Industry Reacts as Government Presents Bill to Ban Digital Assets first appeared on BitcoinExchangeGuide.

2021-2-9 20:16


Newsflash: Indian Regulators Officially Propose Total Cryptocurrency Ban

An Indian inter-ministerial committee on cryptocurrency and blockchain technology has finalized a report recommending both the establishment of a digital Rupee and a ban of cryptocurrencies. Ban Crypto, Establish E-Rupee The roughly 200-page report spends thousands of words breaking down and praising the potential uses of blockchain technology, specifically in areas like land management.

2019-7-22 18:38


South Asian Banking Ban dealine around the corner, causing Zebpay exchange to stop.

One of India’s largest exchanges Zebpay announced it was freezing Indian rupee deposits and withdrawals July 4, a day before a controversial bank ban on cryptocurrency businesses comes into effect. “INR deposits and withdrawals have been paused in the Zebpay app until banks allow us again,” an update to the original warning reads. On Tuesday,

2018-7-5 21:00


Фото:

Court Says India’s Crypto Trade Bank Account Boycott Will Continue

India’s highest court has declined to end a ban enacted by the national central bank that bars the country’s crypto exchanges from doing business with regulated financial firms. Bloomberg reported Tuesday that the Indian Supreme Court, led by Chief Justice Dipak Misra, said that the Reserve Bank of India’s (RBI) prohibition on providing services to crypto-related

2018-7-3 21:52


Фото:

Indian Supreme Court attended Crypto Petition but Upholds RBI Ban – Will get effective in 2 days.

Regulation The Indian Supreme Court heard one petition against the crypto banking ban by the country’s central bank today. Japan Confirms Entrance Into the Crypto Space No Stay Granted by Supreme Court The Supreme Court of India heard one petition against the crypto banking ban imposed by the Reserve Bank of India (RBI) on Tuesday,

2018-7-3 19:04