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Why China and India are cracking down on the virtual currency

Posted on 09 January 2014

The bitcoin saga took an unpleasant turn last month, when China’s central bank banned financial institutions from dealing in the virtual currency. Bitcoin was enjoying a surge of popularity in the country. By the end of November, Chinese exchanges were responsible for almost two-thirds of worldwide traffic. The central bank’s decision sent the currency tumbling.
Then Indian regulators joined the fray. The Reserve Bank of India issued a public warning on the dangers of bitcoin. India’s largest exchange was promptly shut down, and its operator raided by local authorities………………………………………..Full Article: Source


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VRS - who has written 34624 posts on Opalesque Commodities Briefing.


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