Another dark cloud smeared upon bitcoin and other popular currencies when India's Finance Minister, Arun Jaitley in his latest press conference vowed a crackdown against crypto currencies such as bitcoin. He emphasized that the Indian government does not consider crypto currency trading to be legal and that the government will take due measures to flourish its original economic system.
Bitcoin prices in India have been higher then international markets throughout due to India's Capital Control System, which makes it burdensome for people in India to do foreign transactions, said Sathvik Vishwanath, the founder of Unocoin.
"The price of bitcoin and other [cryptocurrencies] is entirely a matter of mere speculation resulting in spurt and volatility in their prices" The finance minister said notifying the investors of the chance for losses and security concerns. Last month Economic Times also reported the frozen bank accounts of many Indian bitcoin trading platforms.
India is undoubtedly one of the biggest crypto currency markets, more then 10% of the billions of crypto traders around the world belong to India with a growth rate of more then 10,000 every day. The surge of bitcoin trading in India is what has alarmed the government.
With powerful countries like India and China standing to eliminate the use of bitcoin and with the question to trading security with £380million worth of NEM stolen by hackers, will the crypto world ever rise again ??
lets hope for the best .