Good evening to all my friends. I hope you all are doing well. I am having a fantastic day. Finally weekend is here after 5 long weekdays 😁. Bitcoin is dumping hard and as i said in my previous quick post. All the money now going to transfer into ether and altcoins will follow later.
Btw here's the big news coming from india. Today, major cryptocurrency exchanges like Binance, Kucoin and OKEx etc have facing challenges in India, with their URLs being blocked by the government. The government issued a letter to these exchanges, directing them to register as per Indian regulations to continue operations. Last year, the Indian government implemented a 30% tax and a 1% TDS rule on all cryptocurrency exchanges. However, foreign exchanges did not adhere to Indian regulations, resulting in a significant drop in trading volume on Indian platforms. Concerned about the losses incurred by traders, a committee was formed to address the issue, leading to a recent letter issued by the government to foreign exchanges, urging compliance.
While big investors have the means to adapt and potentially move their portfolios abroad, smaller investors are feeling the brunt of these regulatory developments. Unable to transfer funds elsewhere or relocate, they face substantial financial setbacks. The government's effort to bring trading back to Indian exchanges aims to protect local investors but is causing hardship for smaller players.
The lack of timely responses from exchanges and the absence of a clear regulatory framework have left many traders in the dark. Clarity and effective communication are crucial for investors to make informed decisions about their portfolios. As the government works towards a resolution, providing updates and clear guidelines will be essential to maintain trust within the cryptocurrency community. communication, adaptability, and adherence to local regulations will be key for both the government and the cryptocurrency community. That's it for today, here's the latest video of URL block of exchanges. Thanks & have good day!!
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@abfarhan