The Reserve Bank of India (RBI) entered uncharted waters by dealing a ban on cryptocurrencies which has caused outrage and confusion among the crypto investment community in India. This ban applies to all transactions related to cryptocurrencies such as Bitcoin and the embargo effects the transfer of money form designated bank accounts to cryptocurrency wallets.
This is a bold move from the RBI and could signal India’s stance on cryptocurrency or could mean something bigger within the industry as this ban could potentially put many companies based in India out of business.
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