Monday, February 5, 2018

Is it True That India Forbids and Stops All Existing Bitcoin Exchanges?

Is it True That India Forbids and Stops All Existing Bitcoin Exchanges? - After China banned the use of Bitcoin's virtual currency, India now follows by enacting the same policy. India has stopped the virtual currency exchange Bitcoin because the virtual currency contains the risk of money laundering and terrorism.

Based on information from The Economic Times, the Reserve Bank of India or the Indian central bank has issued a warning on December 24, 2013 to stop using Bitcoin. The central bank also said that Bitcoin is very dangerous due to unmanageable fluctuations in value and transactions.

Is it True That India Forbids and Stops All Existing Bitcoin Exchanges?
Not only that, the Reserve Bank of India also said that the circulation of Bitcoin can not be controlled and its use can be illegal, call it funding for terrorism activities, money laundering, and illegal transactions that violate other laws.

The warning launched by the Reserve Bank of India makes most of the Bitcoin exchanges in the country. Bitcoin Exchange is quite famous in the country of India, INRBTC reportedly has stopped operations or activities. INRBTC discloses through a post on its website that Bitcoin transactions can be resumed after obtaining legal certainty.

According to reports from Engadget, some media in the country have reported that the Indian government has ordered all Bitcoin exchanges in the country to be closed soon. As quoted from Pocket Lint (27/12/2013), if such a trend continues, could make the value of Bitcoin plummeted.

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And the fact is that after the ban, the price of Bitcoin continues to decline until it touches $ 7200 and this is likely to continue until March 2018, we will see together how the next Bitcoin power in the face of various pressures from some countries.

Bitcoin itself is a virtual currency or can also be referred to as an electronic currency developed by Satoshi Nakamoto. Bitcoin has unique properties, one of which is not dependent on major publishers.