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Bitcoin [BTC] briefly goes down to $5400 in India after regulatory concerns – Exchanges say business is normal

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Is there a light at the end of the tunnel for India

Yesterday’s RBI notice which went viral on social media and several News publishing houses which stated that the Indian government was virtually banning the Crypto/INR pairing and thereby not allowing users to invest in cryptocurrencies through any RBI regulated banking system.

Within hours of this news breaking out, Bitcoin and Ethereum fell dramatically in Indian exchanges like Unocoin and Zebpay. Bitcoin briefly started trading at Rs. 3,56,000 (~$5400) and Ethereum started trading at Rs. 19500 (~$298).

At press time, the price of Bitcoin [BTC] in Unocoin, an Indian cryptocurrency exchange was Rs. 3,89,000 (~$5994) and Ethereum [ETH] was trading at Rs. 21,289 (~$328) which much lower than the global prices. Bitcoin according to Price.Ambcrypto and Coinmarketcap.com was at press time trading at $6844 and ETH was trading at $383 to a token.

Although chaos and anger prevailed among the Indian cryptocurrency investors, exchanges like Unocoin and Zebpay confirmed that business was normal was as usual.

Mirco Recksiek, a blockchain enthusiast in a recent Twitter post said,

“But still this move isn’t smart in my point of view and moves #India into the same corner as #China, both isolating themselves from global development of #cryptocurrencies and #Blockchain. This is what I would call overregulated…wrong turn.”

Ananth Shivkumar, the CTO of a blockchain startup in India says,

“Wow! Another blow. Does the government even know the amount of money these blockchain startups can actually pump into the government in the form of taxes? If you want to save the consumers then educate them and not ban it. Narendra Modi wants to make India a digital leader but everything he does now is going against it”

A representative from Unocoin’s customer relations said,



“Business is normal here, although we are yet to discuss this matter internally, we don’t think anything will change. Unocoin is headquartered out of Singapore and all our payments are processed from there and none of our users are getting affected right now. Netbanking payments, although is still a problem sometimes”

Sentiments in the Indian market has been bearish since Arun Jaitley’s budget speech earlier this year. The strong advocates of cryptocurrencies in India and other analysts feel the current stance by the government will just increase the chances of OTC and Cash crypto trading which might exactly be the thing the Indian government would not want.

India already has a very strong regulated cryptocurrency market with a strong identity and background verification process. With everybody hoping for a reversal of a decision, many expect a better, easier process for Indian investors.





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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
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Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!



Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!





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