Mark Mason
Well-known member
Central Banks of India and Pakistan Crack Down on Banks using Cryptocurrencies
Last Friday, The Reserve Bank of India issued a statement that “all entities under its regulation would have three months to cut ties with any service dealing in cryptocurrency.” Around the same time, The State Bank of Pakistan decreed similar regulations on banks and financial entities under their regulatory domain.
The global prices of cryptocurrencies moved little, but local exchange Coinome said that the local price of Bitcoin dropped more than $1,000 compared to the global price. It should also be noted that these regulations are not bans on cryptocurrencies since a ban would require legislative action. These regulations are only for banks and financial entities that must bow to the regulatory power of their respective central bank. However, it does significantly impact the bottleneck of exchanging fiat money for cryptocurrencies and vice versa.
A Change.org petition has thus far received over 20,000 signatures to influence the Reserve Bank of India and government to reconsider their crypto stance.
Read more: https://www.dashforcenews.com/centr...n-crack-down-on-banks-using-cryptocurrencies/
Last Friday, The Reserve Bank of India issued a statement that “all entities under its regulation would have three months to cut ties with any service dealing in cryptocurrency.” Around the same time, The State Bank of Pakistan decreed similar regulations on banks and financial entities under their regulatory domain.
The global prices of cryptocurrencies moved little, but local exchange Coinome said that the local price of Bitcoin dropped more than $1,000 compared to the global price. It should also be noted that these regulations are not bans on cryptocurrencies since a ban would require legislative action. These regulations are only for banks and financial entities that must bow to the regulatory power of their respective central bank. However, it does significantly impact the bottleneck of exchanging fiat money for cryptocurrencies and vice versa.
A Change.org petition has thus far received over 20,000 signatures to influence the Reserve Bank of India and government to reconsider their crypto stance.
Read more: https://www.dashforcenews.com/centr...n-crack-down-on-banks-using-cryptocurrencies/