India to crack down on local bitcoin exchanges

[mlawson71]

The Indian government is considering the closure of the local cryptocurrency exchanges in an attempt to curb money laundering.

The local cryptocurrency community was expecting some sort of regulation and legalization of the exchanges, instead of an eventual ban, and expressed their disappointment.

It is worth noting that the authorities in China – the largest cryptocurrency market in the world – have taken similar measures and have ordered the local exchanges to cease their activities and banned trading between altcoins and the CNY in an attempt to impose tighter control on the national currency movements and price.

The South Korean authorities are mulling similar measures and have already issued a ban on initial coin offerings (ICOs).

 

[mlawson71]

S. Ganesh Kumar, a director of the Reserve Bank of India (RBI), the country’s c-bank and main financial regulator, said that the country would not recognize the Bitcoin or any other cryptocurrency as a legal tender.
“Our current position on bitcoins is that we will not be using it for any payments and settlements…though the technology underlying crypto-currencies will not end”, said Kumar at a banking conference in Mumbai, quoted by local media.

 

[Pekelo]

So 1/6th of the world's population is legally out. Oh wait:

"On 5th December 2013, the People's Bank of China and five other related government ministries issued an official notice titled Guarding Against the Risks of Bitcoin, which stated bitcoin may not be used as a currency."

Let's make it 1/3rd is out.

 

[Hoi]

So 1/6th of the world's population is legally out. Oh wait:

"On 5th December 2013, the People's Bank of China and five other related government ministries issued an official notice titled Guarding Against the Risks of Bitcoin, which stated bitcoin may not be used as a currency."

Let's make it 1/3rd is out.

pppfffff..... the more it's suppressed, the better it thrives. Bitcoin is just built for exactly that!

 

[Pekelo]

pppfffff..... the more it's suppressed, the better it thrives. Bitcoin is just built for exactly that!

Sure. A worldwide currency that is illegal for 1/3rd of the world's population. Dandy!

 

[Hoi]

Sure. A worldwide currency that is illegal for 1/3rd of the world's population. Dandy!

That's still a multi trillion market. Very dandy!

 

[SoesWasBetter]

I just hope all you btc billionaires will be kind to the rest of us, when we come with our empty bowls begging for gruel

 

[Hoi]

I just hope all you btc billionaires will be kind to the rest of us, when we come with our empty bowls begging for gruel

If you create a Wallet, and show us your receive address, I will send you some Bitcoin.

 

[Cuddles]

I remember when making online piracy illegal brought an end to it.

 

[mlawson71]

New Zealand is also making noises about the risks of cryptocurrency trading, but I doubt they will ban them anytime soon.