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Bitcoin Extends Decline to $55,700 As Indian Proposed Crypto Ban Is Taking Effect

source-logo  u.today 15 March 2021 12:12, UTC

In the past hour, the global major cryptocurrency has extended its drop, having touched the $54,128 level during the early trading session in London.

By now, Bitcoin has demonstrated a slight recovery to $55,588 but it is still showing a red candle on the chart.

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Bitcoin is dropping from its $61,700 all-time high

BTC began declining on Sunday after the news emerged that Indian government intends to propose a total cryptocurrency ban in the country, even prohibiting users to hold Bitcoin and other crypto. On Sunday, BTC hit a new all-time high of $61,700.

In 2018, India already initiated a crypto ban, when the Reserve Bank of India (RBI) restricted banks from serving companies dealing with digital currencies – mainly crypto exchanges.

This caused many of the local trading platforms switch to P2P trading and many also were put out of business.

However, RBI faced a legal suit from the community and the Supreme Court lifted the ban in spring 2020.

China’s crypto ban seems kid’s play compared to the India proposal

In China, crypto ban has existed since September 2017 but it covers only ICOs and crypto trading. User are allowed to own BTC and other cryptocurrencies and those are even protected by the law as private property.

Users are also allowed to mine cryptocurrencies, although, it has been reported recently and last fall that China plans to shut down the crypto mining industry.

u.today