India just cracked down on cryptocurrency.

Indian officers don’t seem to be right here in your cryptocurrency video games.

Govt officers with the Reserve Financial institution of India introduced on Thursday that, efficient in an instant, banks can be prohibited from “coping with or offering products and services to any folks or industry entities coping with or settling digital currencies.”

Necessarily, that suggests other folks in India at the moment are not able to transport cash from financial institution accounts to exchanges so as to purchase cryptocurrency. What is extra, for those who’ve offered your fats positive factors for money, you’re not in a position to transport that cash again in your checking account.

So studies The Financial Instances, which quotes an RBI press liberate as noting that, going ahead, “any consumer, holder, investor, dealer, and so on. coping with digital currencies will probably be doing so at their very own possibility.”

This announcement did not pop out of the blue. Previous this yr Indian finance minister Arun Jaitley instantly up trashed cryptocurrencies.

“The federal government does no longer imagine cryptocurrencies prison gentle or coin and can take all measures to do away with use of those crypto-assets in financing illegitimate actions or as a part of the cost machine,” he’s reported as announcing in the cheap speech.

So did India simply ban Bitcoin? No longer precisely. It did, then again, simply make purchasing, promoting, or the usage of cryptocurrency within the nation a heck of so much tougher.