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Bitcoin exchanges in India halted after country's reserve bank issues warning
12/27/2013 5:50:00 PM
While some have proclaimed their interest and acceptance of the virtual currency Bitcoin, others have shunned and started to ban it, including, most recently, the country of India.
One month after Sir Richard Branson, the founder of Virgin Group, announced Virgin Galactic customers could choose to pay with Bitcoin, and just one week after China and other countries forced local exchanges to stop dealing in the currency, causing the value of Bitcoin to tank, India has now suspended Bitcoin operations.
According to The Economic Times, the Reserve Bank of India issued a warning on 24 December that detailed the risks associated with Bitcoin. The statement talked of value fluctuations, unregulated transactions, and even suggested Bitcoin could break existing laws against laundering and terrorism financing.
READ: Virgin Galactic now lets you use Bitcoin to pay for flights into space
Several Indian Bitcoin exchanges - such as INRBTC - have since halted operations, posting notes on their websites about the need for legal guidelines before trading can continue. Some media outlets from the country have even reported government-ordered raids throughout India on Bitcoin exchanges.
As Engadget noted, it'll be interesting to see how Bitcoin's value responds - or even how other countries react - to the Bitcoin disruptions across the globe. Bitcoin is certainly endanger of becoming both obsolete and worthless if more and more places deem it a threat and subsequently make it illegal.
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