RATE Group | Bitcoin is Dying in This G20 Giant Because of its Suffocating Government
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Bitcoin is Dying in This G20 Giant Because of its Suffocating Government

23 Jul Bitcoin is Dying in This G20 Giant Because of its Suffocating Government

Posted at 14:45h in Bitcoin News by

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It is quite evident by now that the government of India doesn’t like bitcoin in particular and cryptocurrencies in general. Regulators in the country have officially clamped down on bitcoin and other cryptocurrencies, with a draft legislation making it clear that holding, buying or selling cryptocurrencies in the country is a crime.

The sad news is that the Indian government and the regulators seem to be succeeding in their mission against bitcoin. This is evident from the fact that LocalBitcoins volumes in India have been steadily declining over the past few weeks.

Chart showing LocalBitcoins volumes in India.
LocalBitcoins volume in India has been steadily declining since last month. | Source: Coin Dance

India’s tirade against bitcoin has sent enthusiasts packing

The Indian government’s primitive understanding of bitcoin and cryptocurrencies has given birth to some extremely hostile measures.

Just over a month ago, it came to light that those dealing in cryptocurrencies could spend up to 10 years in prison. This added to…

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