The Reserve Bank of India has essentially forbidden India banks to interact with crypto-traders. Due to this ban, several investors have been left in hot water, with nowhere to store their funds other than foreign centralized custodians. However, in recent times, over a million Indian citizens have purchased Bitcoin. Zebpay was a popular exchange, which shut down as a result of regulatory uncertainty.
The late Arun Jaitley had previously shunned the usage of cryptocurrencies. Mining Bitcoin is profitable, however, a huge amount of electricity is consumed as a result of this process. Although considering the fact that India is still a developing nation, large mining farms centered in villages might be a splendid initiative. So far, the Indian government is yet to introduce a law that explicitly bans the storage and/or usage of cryptocurrencies on Indian soil.
Indian startups have raised a record $11B+ this year
Indian Crypto startups can easily add $1B+ to that number if banking restrictions are removed
Requesting our leaders to help Crypto industry innovate
Jai Hind 🇮🇳
— Nischal (WazirX) ⚡️ (@NischalShetty) November 3, 2019
WazirX is one of the few exchanges which is still functioning and whose services can be used to purchase BTC. LocalBitcoins.com is a remarkable site that has been able to fend off resistance [from lawmakers] for years. If the anti-crypto bill gets passed, investors may be jailed for 10 years. Tim Draper, a venture capitalist who has been a Bitcoin proponent for quite a while, has also denounced Nirmala Sitharaman’s ignorant views on cryptocurrencies.
Canaan Creative is a leading organization in-charge of rolling out mining machines. During the third quarter of 2019, they were able to rake in over $90 million yuan [as profits], which is a humongous achievement for the organization concerned.
Bitcoin is positioned at #1 according to data obtained from coinmarketcap. The trading volume recorded stands at approximately $22.144 billion, while the supply has 18,033,612 BTC coins in play as of this very moment. The total market cap of Bitcoin amounts to $168.145 billion for now. The price plunged slightly, at a rate of 0.68% in the course of the past 24-hours; this, in turn, led to BTC reaching all the way down to $9324 where it currently rests.