India Just Caused the Price of Bitcoin to Slide Again
India Just Caused the Price of Bitcoin to Slide Again
The Indian government is to ban the use of Bitcoin and other cryptocurrencies for payments, finance minister Arun Jaitley has announced, kicking Bitcoin’s already-sliding value further down the slope.
At the same time, Jaitley indicated that the government has a different attitude toward the blockchain technology that underpins cryptocurrencies and can be used for a variety of other purposes.
“The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” Jaitley said Thursday in his 2018 budget speech. “The Government will explore use of block chain technology proactively for ushering in digital economy.”
Your first para says that "Indian government is to ban"?? That's not true. The government is just saying that crypto currencies aren't legal tender & will make sure that they are not used for illegal activities (which is fine). Further, they have set up a committee to determine ways to regulate crypto currencies.
Was it India or the USA?
It seems India is being blamed for the correction today but I think the market is more forward thinking. This is going on next week, US: SEC, CFTC To Focus 100% On Crypto In Dedicated https://cointelegraph.com/news/us-sec-cftc-to-focus-100-on-crypto-in-dedicated-hearing-next-week and although ultimately regulation will bring more legitimacy and much more money into crypto markets fear the unknown and further downside is possible