Bitcoin Banned in India

Bitcoin banned in India! Yes you read it correct. – Reserve Bank of India releases an official statement

Bitcoin, one of the most popular and well known cryptocurrencies that have received a tremendous price hike recently have been suddenly banned in India by RBI. The Govt. had actually never declared any statement regarding Bitcoins earlier whether they were legal or not. So as a result Bitcoin was used country wide. But now in an official statement Reserve bank of India and Central Bank of India has clearly stated that any type of cryptocurrency is banned in India and soon Central Bank of India will launch their own fiat currency.

In the official statement, the Central Bank says entities regulated by RBI will not be dealing with or provide services to any business or individual dealing with cryptocurrencies effective immediately due to the risk it possesses. The RBI will be providing a 3 months notice period to stop providing services for entities already providing services related to virtual currencies.

People have given mixed reviews to this. While some have stated that is better to do so, most of them are against as this is a serious threat to so called “Digital India” campaign presented by the Prime Minister. According to sources, Bitcoin has dropped more than 5% in the past 24 hours. It is currently trading at $6693 with a market cap of $113 billion. Although many analysts still believe that Bitcoin will rise much higher in the future and dominate as a worldwide accepted currency.