Bitcoin Crossed 10k - India Tighten Cryptocurrency Regulations - No effects on the market
Due to downtrend market, Last couple of weeks Bitcoin and other altcoins lost almost half of its value from its all-time high price. One time Bitcoin was traded below $7k. It seems that Bitcoin again found its voice. It is traded now over $10k. Currently, The total market cap is $171.5 Billion. Image source: Pixabay.com
Most of the investors are from USA, China, Japan and South Korea. As always, when Bitcoin price moved up, Other cryptos also show positive price movement.
India’s Banks Tigthen Cryptocurrency Regulation
We know that Top Indian bank suspends account related to cryptocurrency. Reserve Bank of India, Finance Minister are not a big fan of Cryptocurrency and Bitcoin. RBI was vocal last year. Executive Director of RBI once said " I am not Comfortable with Bitcoin or Cryptocurrency in general". Instead, RBI is planning to introduce fiat Digital Cryptocurrency. It seems that launching Fiat Digital currency will take time.
Earlier this year all the top banks from India have taken a strong position against Cryptocurrency. Banks include:
Yes Bank
SBI - State bank of India
Axis Bank
HDFC Bank
Western Banks already banned the use of credit card for buying Cryptocurrency.Banks in India have prohibited debit and credit card usage in cryptocurrency purchases. Now local banks will also follow the footsteps of other banks. Prohibit the use of debit and credit card for buying cryptocurrency. But the interesting thing is that this news does not affect the market negatively. Citibank wrote in a statement:
“[There have been] concerns, both globally and locally, including from the Reserve Bank of India, cautioning members of the public regarding the potential economic, financial, operational, legal, customer protection and security-related risks associated in dealing with bitcoins, cryptocurrencies and virtual currencies.”Read More
Thank you for taking the time to read this post. Your comments and upvotes are highly appreciated.
This is why your friends and family member should join Steemit
"Steemit is the best platform. Steemit is not an idea only. We are using it daily. So enjoy Steemit."
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
HELP ME REACH 2,000 FOLLOWERS! Steemit: https://steemit.com/@steemero/ Facebook: (https://www.facebook.com/steemero) Thank you for honoring me with your upvotes! Warm Regards,To Read 📗 my next post!!! Follow me @steemero
Yes we are long overdue for a much needed bull run!. Bitcoin the King, please disgrace your critics once again like you always do and take our dear steem/sbd to the moon.
Thank you for your motivational reply
I am enjoying steemit so much.... money are everywhere however few offered it.
Thanks so much too @stemero for the vital information shared. No matter the challenging nations like India about crypto; Crypto is a new and far better advancement for this generation and more so the future one. You can't fight technology for a long time. There is a time when all nations will have nothing to do but to adopt to this mighty change in the financial aspect.
Yes I think so. blockchain can solve lot of problems
@steemero There is so much regulation going on all over the world with many countries trying to figure out what to do with cryptos. In the end it will come down to a balance I think. What do you think will happen in India long term?
India is a technologically advanced country. they will embrace the technology
Hello, we believe that the news coming from India is not entirely true, like the news from China and Korea, there is some truth but there is also a lot of fud to damage the cryptocurrencies, India has not banned the crypto market , just have it in mind, and we'll have to wait and see how things evolve, personally, we believe that an emerging economy like India is not going to miss the opportunity that cryptocurrencies represent, if someone wants to know more about the subject of manipulation news about the markets cryptos I leave my post here: https://steemit.com/bitcoin/@criptouniversia/manipulacion-en-el-bitcoin
I think media is overexcited. They have the power to represent any news positively or negatively.
You got a 2.54% upvote from @upmyvote courtesy of @steemero!
If you believe this post is spam or abuse, please report it to our Discord #abuse channel.
If you want to support our Curation Digest or our Spam & Abuse prevention efforts, please vote @themarkymark as witness.
You got a 5.68% upvote from @postpromoter courtesy of @steemero!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
You got a 2.13% upvote from @mercurybot courtesy of @steemero!
Release the Kraken! You got a 3.61% upvote from @seakraken courtesy of @steemero!
Resteemed by @resteembot! Good Luck!
Curious? Read @resteembot's introduction post
Check out the great posts I already resteemed.
RESTEEMBOT IS FOR SALE
I COULD WRITE CODE FOR YOU