Indian Bitcoin Exchanges Suspend Operations Following RBI Warning
Several Indian bitcoin exchanges have pulled the plug and halted trading following a statement issued by the Reserve Bank of India (RBI) on Tuesday. The RBI warning advised consumers and investors to steer clear of bitcoin, citing numerous risks associated with digital currencies. The list of concerns outlined by the RBI was more or less standard - lack of regulation, security issues, rampant speculation and volatility. The RBI also pointed out that Indian bitcoin exchanges are operating without regulatory approval, which is hardly surprising given the fact that India does not have a....
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Last week the Reserve Bank of India (RBI) issued a public notice warning users to stay away from digital currencies. It made it clear that Indian bitcoin exchanges lack the regulatory approval needed to exchange digital currencies for rupees and other national currencies. Local exchanges were quick to suspend operations, but that was not enough. Within 48 hours of the RBI notice, India's Enforcement Directorate (ED) raided at least two bitcoin exchanges, buysellbitco.in and rbi.rbit.co.in, owned by Nilam Doctor. Investigators questioned the owners of both sites in an effort to ascertain....
Payment services providers have also cut ties with major crypto exchanges despite having the same rate for gambling and fantasy sports platforms. Fresh data on Indian crypto exchanges’ trading volume reveals a significant decline in trading practices among Indians just ten days after the tax rule implementation. India’s new 30% crypto tax rule came into effect on April 1, despite many stakeholders and exchange operators warning against its ill effects. A research data report shared by Indian blockchain analytic firm Crebaco with Cointelegraph shows that trading volume on top Indian crypto....
The move to suspend any bitcoin and litecoin withdrawals appears to be a direct consequence of the closed-door meetings between the PBOC and bitcoin exchanges Following the warning issued by China’s central bank to domestic exchanges earlier today, two out of three of China’s most widely used bitcoin exchanges have announced that they will suspend bitcoin and litecoin withdrawals for one month effective immediately. The move to suspend any bitcoin and litecoin withdrawals appears to be a direct consequence of the closed-door meetings between the PBOC and bitcoin exchanges that happened....
Following a public advisory issued this week by the Reserve Bank of India (RBI), it is now being reported that several bitcoin exchanges have already closed their doors either permanently or temporarily, according to bitcoin news website CoinDesk. Bitcoin trading service INRBTC, having heard the RBI warning on bitcoin, is reported to suspend trading indefinitely. The fear? Transactions could possibly be considered in violation of the country's preventive money laundering laws. "The only option left now is suspend the services until further arrangements can be made," said INRBTC. "All....
Many Bitcoiners were under the impression that Bitcoin's prospects in India had been shattered after the premises of Mahim Gupta, buysellbitco.in's operator, was raided by Ahmedabad Enforcement Directorate (ED) back in December. Buysellbitco.in was an Indian Bitcoin exchange that had roughly $3 million USD in volume before being taken down, they are currently investigating whether or not money laundering was involved. The raid came just a few days after the Reserve Bank of India (RBI) issued a warning about Bitcoin to the public. Shortly after the raid and the statement from the RBI, many....