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India to crack down on local bitcoin exchanges

The Indian government is considering the closure of the local cryptocurrency exchanges in an attempt to curb money laundering, reports the Indian news outlet The Economic Times.

 

The news comes hours after the most popular cryptocurrency – the Bitcoin has broken another price record passing $7000 per coin and briefly reaching $7300. The surge was driven by the announcement of the US-based derivatives marketplace operator CME Group, which owns the largest derivatives exchanges, to launch Bitcoin futures by the end of the year. This suggests that the cryptocurrency will get some sort of regulation and most likely will eventually be recognized as a legitimate financial instrument.

 

According to The Economic Times, the local cryptocurrency community was expecting some sort of regulation and legalization of the exchanges, instead of an eventual ban, and expressed their disappointment.

 

Instead of closing cryptocurrency dealers, the government should take steps to curb buying and selling of bitcoins or cryptocurrencies in cash. This move can reduce illegalities in the country, says Hesham Rehman, CEO & Co-founder, Bitxoxo, one of the bitcoin exchanges operating in India. 

 

>> See our list of major crypto exchanges <<  

 

It is worth noting that the authorities in China – the largest cryptocurrency market in the world – have taken similar measures and have ordered the local exchanges to cease their activities and banned trading between altcoins and the CNY in an attempt to impose tighter control on the national currency movements and price.

 

The South Korean authorities are mulling similar measures and have already issued a ban on initial coin offerings (ICOs).

 

According to reports of South China Morning Post, however, following the ban, the local operators have already shifted their attention abroad and are offering their services in the other countries. At the same time, Bobby Lee, head of the longest running and largest Chinese exchange BTCC told Cryptocoins News that the platform would hardly reopen for activities in China anytime soon.

 

“I’ve also heard those rumors, but from what I can see here on the ground, there are no plans for bitcoin exchanges to reopen in China,” Lee said, “Certainly, it’s possible for policies to change in the future, as nothing is permanent in life. But change can happen in weeks or months, or take years or decades…..What positions Chinese authorities take in the future and how they regulate bitcoin and other cryptocurrencies is really up to them”, he said and added that despite the limitations, Bitcoin’s future in China is bright and the cryptocurrencies will remain popular.

 

 

TAGS: india  bitcoin  cryptocurrencies 

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