Bitcoin In India Could Be Banned Again In Crackdown On Cryptocurrencies

Of the thousands of lines being drawn on countless charts today, there is no denying the market has taken on a bearish influence as the bulls steel into defensive mode. Some suggest there is strong support at $51,000 and $49,500 which could lead to a bounce back up to the weekend’s highs, providing the investment predictions of Americans waving their stimulus cheques at crypto exchanges ring true. The price looked like it was preparing to bed in while it gathered support in unchartered territory, but the signs of something being amiss were beginning to show up on the charts in the early hours of Monday morning as New Dehli was waking up.

  • BITCOIN briefly plummeted to $5,400 in India following a major crackdown on the cryptocurrency as the Reserve Bank of India announced new regulations, it has been revealed.
  • The situation in India paints a sudden and dark backdrop to what had been Bitcoin’s brightest spell in the flagship cryptocurrency’s 12-year-history.
  • Now, imagine the fine companies of the Libra Association putting that size of float into government paper and similar cash equivalents, like they said they would … at present-day negative interest.
  • Our Privacy Notice explains more about how we use your data, and your rights.
  • Through analysing search volumes, Invezz has found the most Googled concerns surrounding cryptocurrency.

It is estimated by industry experts that there are over eight millions of investors with investments are worth several hundred million pounds. Mexico’s agency for curbing money laundering said Friday the governor of the northern border state of Tamaulipas owns a large number of luxury properties that it says don’t match the income from his government jobs over the last 20 years. The Financial Intelligence Unit said in a report to Congress that Gov. Francisco Garcia Cabeza de Vaca earned about $2 million in wages and $1 million in other income since 2000, but acquired properties worth many times that. While the cryptocurrencies were under pressure on Monday morning, the market is still far higher than it was six months ago. Bitcoin has rallied over 400% amid a surge of interest from institutional players like Square and Tesla .

Bitcoin Wallet Address Blockchain How To Trade In Ethereum In India

UNITED STATES OF AMERICA v. 113 VIRTUAL CURRENCY ACCOUNTS. This document is really interesting — it’s a step-by-step explanation of how North Korea hacked South Korean exchanges, laundering the stolen bitcoins with a peel chain. There was also a spearphishing campaign — personalised fraud emails — targeting exchange executives. The Blockchain Association has put out a research report on employment trends in the “digital asset industry.” Shockingly few people work in crypto — the report puts it at about 20,000 all together. At the time of writing, Bitcoin is trading at $6,847, according to When you subscribe we will use the information you provide to send you these newsletters.

Within hours of the news breaking out, Bitcoin and Ethereum fell dramatically in Indian exchanges like Unocoin and Zebpay. A non-fungible token is a cryptographic token that represents something unique and has an individual characteristics that set them apart. Owning a NFT is like owning a one-of-a-kind work of art or a collectible antique. ZebPay, India’s oldest and most widely-used Bitcoin and crypto asset exchange, at its quarterly board meeting announced its plan to launch a non-fungible token , becoming the first Indian company to do so.’s compelling news content and trusted multi-platform network attracts a loyal readership. This offers advertisers an exceptional opportunity to connect with audiences who are otherwise difficult to reach.

An inter-ministerial committee set up by the Indian government to determine the legality of cryptocurrencies submitted its report in July 2019 recommending that private cryptocurrencies be banned completely. It noted that the government should keep an open mind on the potential introduction of an official cryptocurrency. The Indian government seeks to propose a law banning cryptocurrencies under which anyone involved in its trading or holding such assets could be fined, according to reports. Nigel Green, chief executive and founder of financial advisory group deVere, said regulation was likely to become an increasing concern for bitcoin and the wider cryptocurrency market. The price decline came amid reports that India could ban cryptocurrencies altogether, potentially cutting off one of the biggest markets in the world.

Bitcoin Retreats From Record High Amid Report Of Indian Crypto Ban

News and resources on digital currencies, crypto assets and crypto exchanges worldwide. Through analysing search volumes, Invezz has found the most Googled concerns surrounding cryptocurrency. Since its launch, cryptocurrency has been surrounded by a lot of scepticism, which could be shown by 696,000 Google searches occurring globally each month. Despite being launched in 2008, cryptocurrency has become of significant global interest over the past few years, seeing a 203 per cent Google trends increase over the last year alone.

“Cryptocurrency has forged its place in the financial landscape, and at this point, the question is one for each individual investor to answer for themselves,” Invezz said. The world’s largest virtual currency hit $61,781.83 on Saturday, rising more than 40% since late February, as investors shrugged off concerns over sky-high valuations.

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The situation in India paints a sudden and dark backdrop to what had been Bitcoin’s brightest spell in the flagship cryptocurrency’s 12-year-history. /r/buttcoin has a guide to crypto skeptics, for your quality nocoining entertainment.

As Bitcoin and other digital currencies are not regulated or backed by a central bank individual countries can have different rules and standards towards them. Thus, the Indian crypto industry is hopeful that the following months and years will see similar innovation in the crypto space in the country. However, one of the major issues that will need to be tackled if this is to take place is the lack of any regulation for the crypto industry in the country. The Finance Minister has reportedly reassured the industry that the ministry will work with the Reserve Bank of Indiato bring in legislation that will regulate the industry, while also promoting cryptocurrencies and blockchain.

Revenue and traffic has grown by leaps and bounds for crypto casino providers globally as a result, and this shows how these innovations can be used in a positive manner to improve the user experience in a business. One of the biggest developments in the cryptocurrency sector had been the news that the Indian government was considering a ban on crypto trading and ownership in the country. The government had reportedly tabled a bill in Parliament to this effect, and this news led to a lot of concern and panic among crypto traders, owners as well as businessmen in the country. Now, however, following months of lobbying, the government seems to have changed its stance. According to Finance Minister Nirmala Sitharaman, the Indian government will be taking a ’calibrated’ view towards cryptocurrency legislation, which has been seen as a clear sign that there will be no outright ban. This has understandably been met with relief, but industry observers and participants are still waiting to see what the actual outcome will be.


This will be a big boost to the sector, as it will provide guidelines for companies to operate by, while also protecting users and customers. The average daily crypto currency trading volumes across the top Indian exchanges have grown by nearly 500% since March 2020, when the Supreme Court had struck down the Reserve Bank of India’s April 2018 circular. India is the second biggest Bitcoin nation in Asia, after China, and the sixth biggest in the world, after the United States, Nigeria, China, Canada and the United Kingdom.

bitcoin news india

While intended as an alternative currency to pay for goods and services, its main use so far has been speculative trading. Having climbed to a new record of $61,606.06 on Saturday, Bitcoin had stumbled to $56,483.06 by yesterday. Australia’s east coast was smashed by heavy rains on Saturday, forcing multiple evacuation orders and pleas from authorities for people in Sydney to stay at home amid the potentially life-threatening flash flooding. Most of the coast of the New South Wales state, which is home to about a third of Australia’s 25 million people, has already seen March rainfall records broken with heavy rain forecast to continue for the rest of the weekend. “It’s not just the total rainfall amount, it’s also how quickly and intensely that rainfall has actually fallen,” Agata Imielska, a senior climatologist with the Bureau of Meteorology, said at a televised briefing. IRS funding cuts are hamstringing the agency, allowing billions of dollars to “slip through its fingers,” warns a news report.

Bitcoin Price destruction: Cryptocurrency Value Drops To $5,400 Amid India Crackdown

A “USD-backed stablecoin” offers ten times the returns of a US dollar insured deposit account! You’ll be delighted to hear that he’s alive and well, and well out of crypto! West Virginia has finally had the good sense to ditch terrible blockchain voting grifters Voatz, after their horrifying security failures made national press. Distributed Proof-of-Stake leaves your blockchain open to takeover bids — such as when Justin Sun of TRON tried to take over the Steem blockchain, by enlisting exchanges such as Binance to pledge their holdings to his efforts. It turns out Dan Larimer’s wishful thinking isn’t governance, and you can’t cleverly abstract away the human element. Libra’s white paper documents have been edited since the June 2019 launch. For instance, in December, they removed the bit about paying dividends to Association members.

The social network said the labels will point users toward Facebook’s Covid-19 information centre and will also add a pop-up window when people go to share vaccine content that will provide them with “the context they need to make informed decisions”. In 2018, however, British coder Terence Eden highlighted a loophole by registering himself with Verisart, a blockchain start-up, as the creator of the Mona Lisa. Though Verisart took it in good humour, the stunt made clear that even blockchains still depend on trusted authorities such as art galleries or auction houses to verify that an NFT is attached to the genuine article.

The cryptocurrency had hit a record high of $61,781.83 on Saturday after U.S. President Joe Biden signed off on his $1.9 trillion fiscal stimulus and ordered an acceleration in vaccinations. Whether it’s Bitcoin price, Bitcoin news today or BTC / XBT news now, we’ve got it covered – breaking news from each site is brought to you automatically and continuously 24/7, within around 10 minutes of publication. Relevance is automatically assessed so some headlines not qualifying as Bitcoin news might appear – please feel free to contact us regarding any persistent issues.

Even if I had to compile the wifi driver from source, because I am that sort of bloody-minded nerd. See today’s front and back pages, download the newspaper, order back issues and use the historic Daily Express newspaper archive.

The bill was in line with India’s January government agenda that called for banning private virtual currencies such as bitcoin while building a framework for its own official digital currency. TOKYO/LONDON/NEW YORK – Bitcoin dropped on Monday, falling from a record high above $60,000 over the weekend, as investors digested a potential ban from India on cryptocurrencies. Abra is based on a non-custodial wallet model, which means that you are in control of your money at all times.

Who has the highest Bitcoin?

Those who have the most Bitcoin may surprise you. At the top of the list is Satoshi Nakamoto, the cryptocurrency’s pseudonymous investor. Research suggests that he has a warchest of about 1.1 million BTC, which is likely spread across multiple wallets.

Ban it now or dont ban it now, India will come to realise the game is on regardless, and they will need to be inside the stadium to have a chance. Don’t Monopolize the Conversation.We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.

As per the recent data from Venture Intelligence, investments worth $24 million have gone into crypto firms in 2020 after the Supreme Court’s decision to strike down RBI’s curbs on cryptocurrency trade in India. An analysis from finance firm Invezz, which gives people tools to help them invest, revealed that on average there are 648,000 annual searches for cryptocurrency in the UK.

bitcoin news india

Under current government plans, outdoor hospitality could open from April 12, whilst indoor concerts could be allowed from May 17, although they would still have limits on numbers who could attend. The research group said this marked “another year of accelerating streaming growth”, and one which saw independent labels and artists become a growing part of the streaming market, holding more than 30pc of the market share. If the proposed bill becomes law it would deal a blow to such investors. But as a relief, the bill would reportedly allow them up to six months to liquidate their assets after which there will be penalties on holding them. Bitcoin was created in 2008 as strings of computer code with no physical form by a software developer using the name Satoshi Nakamoto.

tumbled on Monday after hitting a record high over the weekend with some focus on reports that India will propose a law banning cryptocurrencies. By Monday morning, the price of one Bitcoin had fallen to $57,885 following reports that the world’s second most populous nation was planning on criminalising possession, issuance, mining, trading and the transferring of crypto-assets. This could be a problem for Bitcoin’s price as institutions have been seen as less likely to sell, propping up the cryptocurrency’s value. “I can only give you this clue that we are not closing our minds, we are looking at ways in which experiments can happen in the digital world and cryptocurrency. There will be a very calibrated position taken,” she told CNBC-TV18 News. India’s finance minister Nirmala Sitharaman has tried to soothe the nerves of investors in cryptocurrencies. If it becomes the law, India would be the first major economy to make holding cryptocurrency illegal.

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