The Reserve Bank of India has announced that it will no longer do any sort of business with anyone or any business that deals with digital currencies.
India’s Ministry of Finance has already criticized Bitcoin for its volatility, but this time is more than words. The new legislation has given those currently dealing with cryptocurrency three months to sell off their remaining assets or relocate their business, as from that point the RBI will not support the trade of cryptocurrencies.
The reason? Is said to be over “concerns of consumer protection, market integrity, and money laundering”. Although the move doesn’t outright ban cryptocurrencies, this end of service support is likely to have a big impact on India’s use of cryptocurrencies.
Many Indian digital currency users hope that this decision of a block of services to crypto-users is changed. As a crypto-economist said, making it hard to buy cryptocurrencies with bank transfers is just more likely to see people use peer-to-peer trades and over-the-counter cash transactions, which are even harder to regulate.
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