RBI Bans News on Cryptocurrency in India, Statement & Possible Reasons

RBI Bans Cryptocurrency

Cryptocurrency world is trouble because after dropping by over 60% in price, now another cryptocurrency crash is coming because RBI i.e Central Bank of India is unofficially banning crypto trading and other transaction by forcing Indian Bank to do not support Cryptocurrency related transaction which was officially quoted by Koinex i.e. we facing some issue from Bank which result we are not able to proceed transaction as after being one of the biggest trading of portal of India, right now Koinex is trust from users, as we know Bitcoin is gaining huge attention from worldwide along with Asia in which most number of investor are from India, as in December 2017 this cryptocurrency world totally changed in which people started taking interest in this and as per report till now over Billion of worth Transaction done in India Only and in that Ripple & Bitcoin is one of the most traded cryptocurrency which hold strong dependency of market cap value on India.

RBI News On Cryptocurrency

as per report Amit Bhardwaj is arrest by Police who done scammed over Rs.2000 Crore by making fool about cryptocurrency in India, as he started advertised cryptocurrency investment benefit with the help of Bollywood actors & actress and then just because sudden dropped in price he not able to return investment and with this he join nirav modi & Vijay Mallya, as RBI already warned to stay way from Cryptocurrency following number of frauds and hacking report still people ignore their message and now many fraud report is coming out by making fir in Police Station and as per news report RBI is forcefully stopped transaction by warning Indian Banks and also quoted that in 3 months all things will be under controlled and all transaction will be stopped in 3 months.

RBI Bans Cryptocurrency
RBI Bans Cryptocurrency

Cryptocurrency Banned in India

as per latest statement from Developmental and Regulatory Policies they launching their new cryptocurrency and banning current Blockchain based coin very soon and official statement will be release soon, there are many possible reason why this ban is happening as few month early Income Tax Department send legal notice people who not paid tax and having report of invest money in cryptocurrency, means to avoid income tax people are started investing money crypto and many people who want to hide their income they also doing same process, as we know Bitcoin is completely different currency which has different value which is not traceable and can be transfer into one account to another account in private and as we know Black money many of top businessmen converting their black money into cryptocurrency and then there are many report about Bitcoin are stolen, user account hacked so this may be the possible reason why Cryptocurrency banned in India.

Read Also: RBI Cryptocurrency 

Cryptocurrency News

Bitcoin is trading with $6500 USD right now and will be facing another cryptocurrncy crash in few days before because after announcement of RBI many investor already in trouble and started taking out their investment money, as because of huge growth percentage in less time which attract millions of people in January & February 2018 month and now we compare to today price with invested date then people going to facing huge loss, which is nearly 60%, so they will get nearly 40% of their invested money so holding for more days will create more trouble because prices are going to worse than today then they will get less than 30% in return, so its perfect time to cashing out money and as RBI is rolling their announcement in different bank so there are possibility that your bank stopped cryptocurrency related transaction.