Bitcoin trade to be hit in India? Govt may shut down cryptocurrency dealers

Bitcoin trade to be hit in India? Govt may shut cryptocurrency dealers

According to market experts, banning cryptocurrency dealers or exchanges would not work


LATEST NEWS : As bitcoins touch record levels, a government panel has advised closing cryptocurrency dealers in India.

The panel made the suggestion to curb the use of cryptocurrencies in the country, ETNow reported on Thursday quoting agencies.

The report surfaces at a time when Bitcoin’s price has zoomed past $7,000 after the Chicago Mercantile Exchange (CME) Group Inc’s announcement on Tuesday that it plans to introduce bitcoin futures by the end of the year, after regulatory approval.  Following the announcement, Coinbase Inc added more than 100,000 users in 24 hours.


In July, Business Standard had reported that the government is considering setting up a regulatory structure to oversee trading of bitcoin.

On Thursday, cryptocurrency traded at a record high of $6,938.

According to market experts, banning cryptocurrency dealers or exchanges would not work as trading of virtual currencies has increased globally and have given extraordinary returns. However, adoption of bitcoin can also pose various problems for the government as it will tend to loose its control over the financial system.

At present, bitcoin is hovering around Rs 4.90 lakh mark in India against Rs 1.79 lakh where it had three months back on August 2, 2017.

Instead of closing cryptocurrency dealers, the government should take steps to curb buying and selling of bitcoins or cryptocurrencies in cash, Hesham Rehman, CEO & Co-founder, Bitxoxo, a bitcoin exchange operating in India told ET.

Also read this : SC declines interim stay on linking Aadhaar with bank accounts, mobiles

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