Its a great matter for concern for all Crypto Lovers in India regarding Bitcoin Regulation. As we all understand the Technology behind crypto, but Rbi and Indian Govt. is not trying to understand it just making all the efforts to eliminate the use of crypro trading and tending to declare it as Illegal. Further, ordered all banks to shut the services with all Bitcoin
Exchanges after 5th July 2018. SInce then, a big news is awaiting to be declared on 20th July after hearing on Supreme Court.
This decision followed confrontation between banks and Bitcoiners, and also came off the back of the Indian government claiming that “Bitcoin is a ‘ponzi scheme”, and that it lacks intrinsic value.
But , many advisors also said that India supports Blockchain and will implement this in future for various developments and can even launch its own coin, so called LUXMI COIN, haha. Very funny to hear that guyz.
Bitcoin Summary in India, 2017:
We saw tremendous growth in Price and Investors of Crypto in 2017 as we all are aware of very well.
One of India’s leading trade associations, ASSOCHAM, held a global summit on Bitcoin and blockchain in March 2017.
In May 17, Bitcoin price rises abruptly.
In June, Zebpay, one of India leading Bitcoin exchanges established back in 2012, became the 7th most popular app in the finance category on India’s Apple app store, even higher than the apps of many national banks.
This situation alarmed RBI regarding increasing interest and excitement among Indian citizens.
On January 2018, a number of major banks in India had suspended functionality on Indian exchanges.
But however Hope still remains as Rbi said about bringing its own coin as RBi deputy Governor was Positive about this Blockchain tecnology.
However, I still want opinions from all of you regarding its Regulation and Rbi own Cryptocurrrency.
Thank You....