Connect with us

Bitcoin

Bitcoin [BTC] banned in India – Reserve Bank of India releases an official statement

Prerana Sarkar

Published

on

Bitcoin [BTC] banned in India - Reserve Bank of India releases an official statement
Source: Pexels

The Central Bank of India, Reserve Bank of India [RBI] released a press statement saying that Bitcoin and other cryptocurrencies are officially banned in India. Along with this statement, they went ahead to say that they will be launching their own fiat currency.

RBI will be introducing their own Central bank of digital currency whose sole responsibility will be to handle and regulate the fiat currency. The complete report regarding the same will be submitted by the end of June 2018.

Statement about Central Bank Digital Currency by RBI

Statement about Central Bank Digital Currency by RBI

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.

Statement issued by the RBI regarding Bitcoin ban

Statement issued by the RBI regarding Bitcoin Ban

Nitindo Kania, a consultant, and a crypto-enthusiast says,

“RBI just screwed all the Indian cryptocurrency investors. Why can’t we find solutions instead of banning everything. Fuck.”

Athreya, an Indian cryptocurrency enthusiast says,

“It’s a step back in the search for innovation in virtual payments. Hundreds of different securities and exchanges take place both formally and informally in the payments and finance space in India. Banning a digital form of virtual currency outright prevents innovation and disruptive payments solutions from cropping up”

Kavitha, a Financial Advisor says,

“The move by RBI is astonishing. One side there is Narendra Modi propagating about Digital India and the other side, there’s RBI banning Bitcoin’s which is as digital as it can get.”

Blockchain Lawyer, a Twitterati, a Blockchain lawyer in India says,

“Isn’t it ironical that RBI is testing the feasibility of own DigitalCurrency, but not allowing entities controlled by it to deal with cryptocurrencies blockchains bitcoin Do we deserve a PIL here?

Jitendra Shah, a Bitcoin, and Ethereum enthusiast says,

“First beef ban, now Bitcoin ban. India is losing it.”

Karthik Kumar, a Marketing Manager at a reputed firm says,



“India following the foot-steps of China. I think they want to beat China in everything, the population, the pollution and now banning.”

Two months back, the Finance Minister, Arun Jaitley had made a statement regarding the same leading to speculations that Bitcoin was banned in India. His exact words were:

“The government does not recognise cryptocurrency as legal tender or coin”

According to CoinMarketCap, Bitcoin has dropped more than 5% in the past 24 hours and is currently trading at $6693 with a market cap of $113 billion.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Prerana Sarkar is a part of AMBCrypto's News Reporting Team from January 2018. She is a Journalism major from Mount Carmel with two years of writing experience in Bitcoin and Blockchain related articles. Prerana does not hold any value in cryptocurrency or its projects

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

Published

on

'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending