The year 2017 has been a booming year for cryptocurrencies as well as bitcoin, we have seen bitcoin shoot up from 900 USD in Jan 2017 till 9000 USD in Jan 2018 after a crash from its all-time high of nearly 20,000 USD. There has been a major jump in total Cryptocurrency market cap from 17 Billion USD to over 400 Billion USD (currently after reaching over 800 Billion USD).
Past year has also been a very dicey situation for crypto investors for a lot of reasons as well as various country governments actions on cryptocurrencies.
Russia
When Russia cleared it stands for not accepting crypto as legal tender at first at the same time a new cryptocurrency came to light by the name "Russia Miner Coin or RMC" currently trading at over 8600 USD tentative from its all-time high over 24,000 USD. RMC is backed by a company with a major investment of Russia's Prime Minister Mr. Putin. The point of RMC is to promote Bitcoin mining in Russia and to compete with Chinese BTC miners.
China
China has been a bully in my personal opinion on the crypto-currency market. Banning cryptocurrencies at first then putting the ban on ICOs, Trading Exchanges, Crypto Mining and what not. But every time we have seen China reversing their actions. however, crypto mining ban is still unclear but on the other hand, we can predict that China is one of the major countries in crypto mining space, cannot afford to lose it's position, especially by putting bans as there are many countries want to take charge of it at any point of time.
South Korea
This has been a very recent news about South Korea banning exchanges and crypto trading completely. However, after a certain period of time. They have also reversed their action on banning crypto trading and made some guideline about it.
India
Being a growing country in the world. India is still unsure about cryptocurrency space and just yesterday in budget 2018 according to many news websites & articles, India has placed a ban on cryptocurrency trading which again is quite an impact on crypto market cap with last 24 hours. However, if you try to listen to the statement of Indian Finance Miniter Mr. Arun Jetly was not cleared about the statement of placing a ban instead he suggested that "in India Bitcoin or any other cryptocurrency is not a legal tender (which is actually the statement of many countries, that;s because they don't want cryptos to be used as mode of transaction like USD, JPY, INR etc.) and government is looking forward to making plans to eleminate cryptocurrencies involvements in finacing illigitimate activites or as part of payment system.
Above statement is quite controversial as there was no mention of banning cryptocurrencies trading entirely but to ensure it's usage not being spread in the country. Media houses play a very big role in users sentiments whereas many media channels, as well as news articles, have related this statement to placing a ban on crypto space entirely in India.
I am not sure a growing country like India can afford a complete ban on cryptocurrencies as this would invite people to trade in bitcoin or other cryptocurrencies with cash and without regulation or taxes.
However, I would love to know your opinion on this matter, what you guys think of this statement, do you guys believe that crypto is going to crash hard or India is going to ban crypto market completely in the country?
Please let me know your thoughts in the comment section below.
For Newbies: http://www.BunnyChum.com/StartWithCrypto