In an upcoming movie ‘Justice League’, Flash asks Batman, “What are your superpowers again?” Batman responds, “I’m rich.” With leading cryptocurrency Bitcoin hitting $7,450, it appears as if, he meant “I got Bitcoins!”
This week, while the cryptocurrency market capital has hit the $200 Bn mark, primarily led by Bitcoins which accounts for $120 Bn, the ‘bubble’, as called by many, is getting stronger with every passing day. While the largest ecommerce giant Amazon and world’s largest derivative exchange CME group are reportedly in a process to accept cryptocurrency transactions and contracts, in India, ET has reported from the unknown government sources that Interdisciplinary committee on virtual currency has sought a complete ban on cryptocurrency.
Let’s take a look at the recent developments from the world of Cryptocurrency!
India To Ban Cryptocurrencies?
The Interdisciplinary committee report on cryptocurrency, submitted three months back, has sought a complete ban on cryptocurrency, reports ET citing unknown government sources.
In August, while Inc42 had already reported over the ban speculations, it had also filed various RTIs seeking government’s current understanding as Bitcoins led cryptocurrencies’ market penetration has been increasing exponentially in India. In its response, the government had maintained its status quo which is in sync with RBI’s statement dated December 24, 2013. RBI had cautioned the users, holders and traders of virtual currencies including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to.
According to the ET report, the committee has advised the Indian government to shutdown the entire cryptocurrency trading operations in India. While leading countries like Japan, Australia and South Korea have already legitimised cryptocurrencies, either an asset or currency, India appears to be interested to go the China way regarding cryptocurrencies. China has already banned ICOs and shut down cryptocurrency exchanges in the Mainland; however, the same is operational in Hong Kong.