Bitcoin exchanges in India are shutting down days after the country’s banking regulator warned users of virtual currency against security and financial risks associated with them.
The Reserve Bank of India (RBI) had remained silent on Bitcoin over the past few weeks, even as China started clamping down on the exchanges, sending the virtual currency into a downward spin earlier this month.
A week after India’s small but growing Bitcoin community organized its first conference, and made an appeal to the country’s banking regulators for recognizing the virtual currency, the RBI said the Bitcoin users have not obtained any regulatory approvals yet, which poses several risks to anybody associated with them. This is what the RBI said:
There have been several media reports of the usage of VCs, including Bitcoins, for illicit and illegal activities in several jurisdictions. The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws
However, the wording of the announcement from RBI leaves a question mark over the legality of not just the exchanges but also of the people who trade on them.
The Latest on: Bitcoin Exchanges
[google_news title=”” keyword=”Bitcoin Exchanges” num_posts=”10″ blurb_length=”0″ show_thumb=”left”]
via Google News
The Latest on: Bitcoin Exchanges
- XRP Trading Volumes Surges to Billions of Dollars on South Korean Crypto Exchangeson March 30, 2023 at 4:26 am
Bitcoin (BTC) and ether (ETH) usually account for the majority of the trading activity on these exchanges, which makes the XRP volume surge an anomaly. UpBit led global XRP trading volumes with over ...
- Riot Blockchain, Marathon Digital stocks roar as Bitcoin price soarson March 30, 2023 at 1:45 am
Riot Blockchain and Marathon Digital jumped by ~13% and ~10%, respectively on Wednesday as bitcoin price surged.
- Bitcoin Price Rally Stalls as Whales Take Profits: CryptoQuanton March 30, 2023 at 1:18 am
Bitcoin (BTC) has rallied more than 17% in the past two weeks, displaying resilience amid regulatory headwinds and suggesting the asset could be ...
- Bitcoin price briefly hits $29K despite regulatory crackdownson March 29, 2023 at 8:39 pm
According to Cointelegraph Markets Pro, the price of Bitcoin reached $29,132.82 on March 30, reaching levels seen just before the collapse of cryptocurrency exchange FTX in early November. Bitcoin's ...
- Bitcoin climbs above $28,000 as investors shrug off regulatory crackdownson March 29, 2023 at 5:39 pm
Bitcoin retook the $28,000 level after dipping below it on Monday. Investors appeared to be shaking off anxiety surrounding a U.S. regulatory crackdown on crypto after the CFTC sued Binance for ...
- Bitcoin Regains $28,000, XRP Reaches New 10-Month High In Crypto Market Riseon March 29, 2023 at 1:30 pm
CFTC complaint against Binance raises hopes for some digital assets qualifying as commodities, limiting U.S. regulation as securities.
- Top Fiat Currencies Used to Trade Bitcoinon March 29, 2023 at 7:45 am
The U.S. dollar is the most popular fiat currencies currently used to trade Bitcoin, followed by the Korean won. Read more to learn the others in the top five.
- Why Bitcoin, Ethereum, and Dogecoin Are Rising Todayon March 29, 2023 at 7:30 am
The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, and Ethereum. The Motley Fool has a disclosure policy.
- Bitcoin Rises Another 5% And Approaches $30,000on March 29, 2023 at 6:54 am
The rally in %Bitcoin ($BTC) continues as the largest %Cryptocurrency by market capitalization rose another 5% in ...
- First Mover Americas: Bitcoin, Up 70% This Year, Rebounds Past $28Kon March 29, 2023 at 5:26 am
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to ...
via Bing News