Indian banks shut down cryptocurrency trading accounts trying to curb cryptos. The State of Bank in India (SB) and other banks like Axis Bank are reportedly closing or limiting activity on accounts tied to bitcoin trade.
Koinex, a popular exchange said that Indian banks were bottlenecking transactions making it difficult to withdraw Indian Rupee.
Bitcoin trade has been unregulated, but top officials have taken a hard line towards cryptos. And according to the financial minister Jaitley, the government is now working out provisions to curb the trade of bitcoin.
We don't recognize bitcoin or any other crypto currency as legal currency as of now.
Also, keep in mind that the Tether volume is very high, indicating that whales are reacting first to bad news. As people see money diseappear out of cryptos they too sell. I doubt the Tether will be cashed out into Fiat. I think the wales will buy in again. And this whole "correction" is temporary. We have at least 1 month to go before any concerns could be raised about prolonged correction, crash og anything of that nature.
Nothing new then. And while country after country are deliberately sidelining themselves from the revolution, some countries are not as stupid. Countries like Denmark, Netherland, Canada, Norway and Sweden - although pretty moronic countries in many regards...are at least not stupid enough to make hasteful decisions on crypto currencies.
The key for any country now is to wait and see. But at the same time governments need their tax money to survive. This is the catch for governments. They want the technology, and they want innovation and business..but they NEED taxation to survive - like the bloodsucking vampires they are. The countries that manage to regulate cryptos as close to sensible as possible, will win. I'm a little bit too old and wounded to believe in anarcho capitalism becoming a real thing. But we could hope for the second best solution.
