Bitcoin May Be Hitting Turbulence Again in India
- Bitcoin may not yet be totally out of the woods in India, following the bank account closure of one exchange and the questioning of another.
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term may not yet be totally out of the woods in India, following the bank account closure of one Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and the questioning of another.
As of May 20, BTCXIndia will be forced to close its doors after its bank account was canceled. Its bank informed the exchange that it will no longer be serving bitcoin businesses. It is looking into the possibility of working with other banks, but it is worried that the "general policy" toward Bitcoin in the country may not be accommodating.
Bitcoin in India got a bit of a scare in 2013 when the Reserve Bank of India (RBI) warned about virtual currencies. Another Indian exchange, Unocoin, had actually temporarily closed its doors as a precautionary measure. It later reopened after it was deemed that with adequate business practices, it would not face a regulatory crackdown. Last summer, Barry Silbert's SecondMarket invested $250,000 for the exchange, expressing hope for the state of Bitcoin in the country.
Late last year, RBI Governor Raghuram Rajan even hinted at the Bank's adoption of digital currency in the distant future as part of remarks on how the country was moving towards a cashless society.
Recently however, Unocoin told Bitcoin Magazine that it was questioned by local authorities, who alleged that its activities were illegal in the country.
Unocoin CEO Sathvik Vishwanath did not disclose the name of the government agency. He suggested that the questioning arose from the lack of regulatory clarity, which was an issue in several countries.
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term may not yet be totally out of the woods in India, following the bank account closure of one Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term and the questioning of another.
As of May 20, BTCXIndia will be forced to close its doors after its bank account was canceled. Its bank informed the exchange that it will no longer be serving bitcoin businesses. It is looking into the possibility of working with other banks, but it is worried that the "general policy" toward Bitcoin in the country may not be accommodating.
Bitcoin in India got a bit of a scare in 2013 when the Reserve Bank of India (RBI) warned about virtual currencies. Another Indian exchange, Unocoin, had actually temporarily closed its doors as a precautionary measure. It later reopened after it was deemed that with adequate business practices, it would not face a regulatory crackdown. Last summer, Barry Silbert's SecondMarket invested $250,000 for the exchange, expressing hope for the state of Bitcoin in the country.
Late last year, RBI Governor Raghuram Rajan even hinted at the Bank's adoption of digital currency in the distant future as part of remarks on how the country was moving towards a cashless society.
Recently however, Unocoin told Bitcoin Magazine that it was questioned by local authorities, who alleged that its activities were illegal in the country.
Unocoin CEO Sathvik Vishwanath did not disclose the name of the government agency. He suggested that the questioning arose from the lack of regulatory clarity, which was an issue in several countries.