Bitcoin Exchange Stopped In India Due To Goverment Laws



Posted on Dec 31 2013 - 11:36am by Milos M.
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Bitcoin exchange sites have already had problems with the Chinese government, which immensely dropped the value of the cryptocurrency to 50% of its highest value and something similar is now happening in India.

 

No Bitcoins allowed Bitcoin Exchange Stopped In India Due To Goverment Laws

 

Numerous sites for Bitcoin exchange have terminated their services a few days after receiving warnings from the Reserve Bank of India that using Bitcoin is against the law, specifically the laws against money laundry and financial terrorism.

 

One of the many sites that has stopped working is INRBTC and the only thing they could say is “the only option left now is to suspend our services until further arrangements can be made,” while Buysellbitco.in will “stay offline until we can outline a clearer framework with which to work.”

There is a report from DNA, in which states that Mahim Gupta who runs Buysellbitco.in, might even get arrested if police “are able to establish money laundering.”

It will be interesting to see how this new turn of events (or the progression of the old) affect the prices of Bitcoin on the global market. We already mentioned some fears that could be heard from Washington when it comes to BTC and it is clear that not only the US Government is worried about the new trend.

However Washington said that it will not take any measures against Bitcoins or any other cryptocurrency, no wonder since they own the biggest Bitcoin wallet in the world.



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