Good Luck Buying Bitcoin In India As Central Banker Bans

Good Luck Buying Bitcoin In India As Central Banker Bans, by Kenneth Rapoza.

The RBI banned Bitcoin on Thursday, effective immediately, according to The Economic Times. …

If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, individuals will not be able to transfer money from any bank account in India into a Bitcoin wallet like Bitpay, nor will they be able to fund purchases of cryptocurrencies on an exchange. They’d have to figure out a way to pay people in cash, meaning if there is a Bitcoin market in India, it is going to move underground. …

India is not a huge market for crypto, so Bitcoin was down only 2% today and probably not due to the RBI’s announcement. China, South Korea, Singapore, Japan and the U.S. are the biggest markets for cryptocurrencies.