India Joins Crypto Clampdown
India is about to fall in line with other Asian jurisdictions in suppressing cryptocurrency hysteria.
An Indian government committee has recommended the country's authorities take immediate action to shut down cryptocurrency exchanges there citing serious money laundering concerns.
The decision came after bitcoin hit record highs after CME Group announced plans to introduce bitcoin futures by the end of the year. The cryptocurrency, which has surged more than sevenfold this year rose above the $7,000 threshold following the announcement.
According to the newspaper, The Economic Times participants in India’s bitcoin market expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges.
The panel is still to decide on how the government can consider bringing in a legislation to stop crypto transactions and which body will have the regulatory oversight over cryptocurrencies.
