India bans bitcoin dealers: Laws to be made to curb sale and purchase of bitcoins and altcoins in India

india bitcoin ban

India is on the verge of imposing a Chinese-style crypto currency ban for bitcoins and altcoins. Bitcoin, which is around 0.49 million rupees in India is growing in popularity at an amazing rate and being used for terrorist activities and black money, as said in this article by economic times. This ban will directly affect bitcoin dealers like unocoin, bitxoxo, zebpay and so on. It is not clear whether the ban will affect crypto currency exchanges or not but it looks like it will.

This panel was founded by Indian Finance Ministry back in April in order to find out how to deal with the crypto currencies in India. This very panel informed the government that they should discourage the people to buy bitcoin and altcoins in India as they are being heavily used to fund terrorist activities and escape taxes.

So when will India ban bitcoin and other crypto currency dealers? There is concrete date but we are very sure that government will not be making it legal. How will this ban be implemented is not clear. However, if the online exchanges are closed, the bitcoin activity in India will definitely go downright spiral.