Bitcoin Watch – What happens when governments and banks turn their back on cryptocurrencies

Bitcoin trading in India has dropped almost 90% claims, after increase pressure from governments and mandates from major banks. Cryptocurrencies are not considered legal tender in India and authorities are unwilling to support their use. The leading banks of India have also taken steps to limit exchange operations even before any rules mandating such policies are adopted.

Coinsecure CEO Mohit Kalra confirmed government uncertainty and attitudes have caused a significant decrease in transactions, Mr Kalra said: “There is a 90 percent drop in the volume of trade across all Indian exchanges. Our volumes are down from around 300-400 bitcoins daily in December to about 30-40 bitcoins a day now”.

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