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Bitcoin to be completely illegal in India? Panel submits report.

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According to rumors, India is going to make bitcoin totally illegal which means that trading, dealing or even holding crypto will be termed illegal.

The Government of India had earlier put a ban on financial institutions to deal in any transactions related to bitcoin and other cryptocurrencies earlier this year and later arrested Unocoin Co-founders for operating an unregistered Bitcoin ATM or Kiosk service in the country.

The Government of India had earlier appointed a panel for drafting the final report on the regulation on cryptocurrencies such as bitcoin. According to sources, the panel has successfully submitted the report to the government officials but the content in the report has been disclosed yet officially. According to the current rumors, India is going to make bitcoin and other cryptocurrencies totally illegal which means that trading, dealing or even holding crypto will be termed as illegal and the government shall take legal measures against the users of digital assets.

 

How it all started?

The story started from the mid of this year when the Reserve Bank of India officially declared that no financial institution will allow anyone to deal (buying or selling) in cryptocurrencies effective from the 5th of July 2018. Major cryptocurrency exchanges such as Zebpay and Unocoin had to shut down their operations which led to the rise of peer to peer trading in the country. People started to trade on platforms such as WazirX and Localbitcoins to trade amongst each other rather than a third party exchange that could provide their personal data to the government. This made crypto trading more anonymous and interesting to the public.

This was surely not what the Reserve Bank of India and the government wanted. Now that it has become more difficult for the government to track cryptocurrency transactions in the country. As a result, the government may be trying to correct the situation created in the country by totally illegalizing cryptocurrencies and cracking down bitcoin dealers in the country. A total ban would mean that no person or entity shall be allowed to trade, deal or even hold bitcoin or any other crypto asset.

 

What do you think about India illegalizing cryptocurrencies? Will it eradicate bitcoin from India or will it make Bitcoin sound more lucrative? Tell us your thoughts in the comments section below.

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2 Comments

2 Comments

  1. Pingback: Bitcoin to be completely illegal in India? Panel submits report. - Satoshiuncle

  2. Shankar

    December 14, 2018 at 11:47 pm

    If our financial adviser not not consider Crypto currency peer to peer system that result Indian citizen may ready for price hike no body can control the price petrol 100 rupee

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#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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#Bitcoin

Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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