India is causing some serious pain in the market for cryptocurrencies across the board today. The big four, Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Ripple (XRP), are all taking a hit. So, what’s the deal? India announced that it would be banning all cryptocurrencies. Ultimately, India’s cryptocurrency ban is leading to fear. Today, we’ll talk about the ban, why it’s such a big deal, and what cryptocurrency traders and investors should be watching for ahead.
The Cryptocurrency Ban In India Explained
India’s cryptocurrency ban is very recent news. However, the reality is that crypto-assets aren’t banned quite yet. All of the chatter surrounding the ban is ultimately the result of comments made by India’s Finance Minister, Arun Jaitley. In a recent statement, Jaitley had some damning words for cryptocurrencies, stating that the Indian government will be using all tools at its disposal in order to eliminate the use of cryptocurrencies and other crypto-related assets. Here’s what Jaitley had to say:
“The Government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system… The Government will explore use of block chain technology proactively for ushering in digital economy.”
Ultimately, while the ban is not yet in place, we can expect to see one put in place relatively soon as the Indian Government actively works to put an end to crypto-asset use within the country.