What will happen to the market. India may prohibit the storage of cryptocurrency

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The government is strongly opposed to digital money and tries to limit the access of local residents to this kind of assets

Indian authorities plan to amend the country’s legislation, the local residents may not be able to store cryptocurrency, says Moneycontrol. The government has a negative attitude to digital money, informed the Central Bank has forbidden financial institutions to serve the company related to cryptocurrencies.

By December 2018 the ad hoc Committee, which is chaired by the Secretary of the Department of Economics Subhash Chandra will present a report with recommendations for regulation of the cryptocurrency market. Officials believe that the new asset will not become part of the financial system, the authorities have a positive attitude to blockchain technology.

Because of government pressure local marketplaces have serious problems — they refused to work with banks, so the exchange can’t support Fiat currency. One of the largest platforms in the country Zebpay, closed, then opened two units in Malta and in Singapore, now she is preparing to enter the international level.

At the same time, other platforms are trying to circumvent the original ban — platform, Unocoin announced plans to install 30 other cryptocurrency ATMs around the country. Therefore, users will be able to Deposit and withdraw money without using a Bank service.

More news on cryptocurrency can be found in our telegram channel RBC-Crypto.

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