Indian banks shut down cryptocurrency trading accounts trying to curb cryptos. The State of Bank in India (SB) and other banks like Axis Bank are reportedly closing or limiting activity on accounts tied to bitcoin trade.
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Koinex, a popular exchange said that Indian banks were bottlenecking transactions making it difficult to withdraw Indian Rupee.
Bitcoin trade has been unregulated, but top officials have taken a hard line towards cryptos. And according to the financial minister Jaitley, the government is now working out provisions to curb the trade of bitcoin.
We don't recognize bitcoin or any other crypto currency as legal currency as of now.
Also, keep in mind that the Tether volume is very high, indicating that whales are reacting first to bad news. As people see money diseappear out of cryptos they too sell. I doubt the Tether will be cashed out into Fiat. I think the wales will buy in again. And this whole "correction" is temporary. We have at least 1 month to go before any concerns could be raised about prolonged correction, crash og anything of that nature.
Nothing new then. And while country after country are deliberately sidelining themselves from the revolution, some countries are not as stupid. Countries like Denmark, Netherland, Canada, Norway and Sweden - although pretty moronic countries in many regards...are at least not stupid enough to make hasteful decisions on crypto currencies.
The key for any country now is to wait and see. But at the same time governments need their tax money to survive. This is the catch for governments. They want the technology, and they want innovation and business..but they NEED taxation to survive - like the bloodsucking vampires they are. The countries that manage to regulate cryptos as close to sensible as possible, will win. I'm a little bit too old and wounded to believe in anarcho capitalism becoming a real thing. But we could hope for the second best solution.
Well, a lot of countries are taking a hardline against crypto since it's threatening their tax revenue like you say. Furthermore, investing in cryptos means a reduction in demand for the various sovereign currencies (Euro, dollars, etc) while simultaneously increasing supply. A mass adoption will also make it hard to implement fiscal and economic policies, meaning the government will essentially lose control of the economy.
A hardline against cryptocurrencies will only increase its decentralized usage since the only way to get some of the currencies is through p2p exchange rather than through the various exchange like Coinbase, etc.
Banning cryptos is just a small dent in the overall long term development of money.
What is your first association when I say "politician" - maybe corruption?
Imagine just those two FB Brothers, the BTC billionaires.
How much influence could be bought with tens of millions?
Sooner or later, there will be countries that will allow trading, either due to reason or due to... Negotiation...
Concerning the "national" currencies, since the late 80's Deutch Mark (now Euro) became the "real" currency in Eastern Europe. Montenegro adopted DEM and latter EUR although had nothing to do with Germany or EU. I can bet that there would be some county to adopt crypto in next 5 years.
Corruption is correct. Sometimes incompetent and naive is a suitable description of a politician. Most of the time it's someone who just likes to tell other people how to live.
It's probably true. Some countries could most likely embrace crypto currencies fully..perhaps instead of citizens wage/basic income which I'm sure some countries will implement more tests on soon (Scandinavia or Canada most likely) Why not try cryptos instead? Just let some people or a proportion of the population be free? Grant the people who want it full freedom. Most people won't chose that anyway..
I just had that discussion/argument with my brother. We have completely different approach to this. He wants someone else to take care of his passwords, papers, money etc. He just wants that. I don't. I want freedom, because I know how liberating it is and how much it incentivize you to do great things. Not having freedom makes you a terrible person. Being a victim doesnt make you a great person..like we're taught..the victim is such a great and noble person. No, they are abused and therefore not great people. Abused people have problems, trauma and anxiety/depression.
Even if you legalized cryptos completely, and didn't even tax it, more than 50% of the population would probably chose to not participate anyway. Maybe?
I don't understand India's deal here, their are so many people who are suffering because of unemployment in the country, if they are getting a means of financial support the government has an issue, I guess the Indian government is trying to subjugate their own citizens to financial limitation on purpose and then they run anti poverty campaigns, the government is so selfish.
If I want to buy crypto that's my business not some fucking finance minister. There are over 200 countries in the world. Instead of market crashers focusing on countries that ban crypto let them focus on countries that support crypto, accept Crypto or who are atleast not banning them as there are many more of those.
Bitcoin is oversold in weekly timeframe which means next week gonna be bullish.
Check my analysis of bitcoin here:
https://steemit.com/bitcoin/@mazharkazmi/bitcoin-weekly-timeframe-analysis-22-01-2018-bitcoin-gonna-move-up-next-week-an-analysis-with-technical-reasons
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India can shove it.
India is just making it more difficult for its citizens to take part in a historic revolution.
They should simply keep trading crypto illegally and that’s it. In my country we cannot even exchange our local currency BsF for any other currencies yet there is always a black market for it. The same goes with crypto.
In the digital world you cannot stop anything, especially in this case where the new model is totally superior than the olde one.
Crypto will reduce government control over us, whether they like it or not.
The Goverment won’t win the battle with cryptocurrency. As long as they can physically touch it, they can’t control it this is for sure. No matter what they do, there will always be a way around it. Kept them articles coming, interesting.👍. Followed