One Less Barricade to Worry About
The news likely had a positive effect on cryptocurrencies, as several entities began experiencing small, yet noticeable rises. This was followed by further news stemming from India, where it was noted that the country wasn’t banning cryptocurrencies after all.
India Restricts Cryptocurrency in Favor of Own State-Backed Crypto
Related Story: India Restricts Cryptocurrency in Favor of Own State-Backed Crypto
It had been previously reported that the Reserve Bank of India would no longer support cryptocurrency-related ventures and that it was advising all banks to follow suit.
While businesses that dealt in virtual assets would have to find alternate routes of finalizing transactions, it appears RBI’s lack of legislative status prevents it from enforcing a full-on ban of crypto-trading.
