Indian and Japanese regulators have issued regulatory actions on cryptocurrencies one after another , and cryptocurrencies such as Bitcoin have plummeted in the short-term.
On Thursday, the Central Bank of India issued a statement prohibiting banks and other institutions from providing cryptocurrency trading services.
If such services have already been provided, they must be terminated within a certain period of time.
On Friday afternoon, bitcoin and ether fell rapidly. Bitcoin hit a minimum of $6,526, and fell over $200 an hour. On the Indian trading platforms, the price of Bitcoin fell to 355 thousand rupees (about 5400 US dollars), and Ether fell to 19,500 rupees (about 298 US dollars).
On Friday, the Japan Financial Services Agency imposed penalties on the three cryptocurrency exchanges of Lastroots Corporation, Eternal Link, and FSHO Corporation and required Eternal Link and FSHO Corporation to suspend operations and required all three exchanges to change their operations.
Indian newspaper "Economic Times" Since then commented that Indian nationals will no longer purchased cryptocurrency from banks . The central bank supervision of banks and the individual will not be able to do transaction to their bank accounts via cryptocurrency wallet.
Also on Thursday, Thomas Lee, former chief equity strategist at JP Morgan Chase and fundraiser Global Advisor, pointed out in his report that the deadline for US tax filing on April 15 this year was recently the result of cryptocurrency fell.
Lee believes that American families last year invested in cryptocurrency raise the profit of $92 billion, so $25 billion required to pay capital gains tax, so they sell some hold out profits.
According to Wall Street, in the first quarter of this year, bitcoin and cryptocurrency as a whole have hit the worst performance in history. Bitcoin's market value in the current quarter evaporated more than US$120 billion. The Bank of Japan recently also warned investors.
Last week, the Bank of Japan issued a "Risk Notice" to the public, pointing out that the lack of cryptocurrency is not a traditional currency. It itself involves risks such as theft and speculation, and warns the public not to blindly trust on the "high-tech image".
"But rather to blindly trust in the fiat paper money system, essentially based upon the same practices of belief in the currency for it to work"
Man I hate governments! Get out of our business! When will we, the people, the sleeping beast, wake up and walk over these government establishments who try to control us. Im fucking sick of reading this kind of shit! Its all about control of us sheeple. For we, the ones who dabble in crypto are typically the free thinkers who question authorities motives.
For we know their desire is power and control. Fuck em. (sorry for being so coarse)
i can understand your feelings.
The main reason why goverments involved now because cryptocurrency is getting powerful day by day, and gaining people trust more then traditional BANKING SYSTEM. If more then 50% population transfers their money from banks to crytoworld then whole banking system nationwide will collapse. I dont like banking system either, but these new rules are the results of their future collapse. According to one survey, 8% Americans are already invested in cryptocurrency.
You are right.
If im correct, Japan recently issued there own crypto currency.
i think the whole fight is to save their existing collapsing banking system.
So, they are doing two jobs simultaneaously
1: they try their best to create a very untrustworthy impression of bitcoin among general people, so they can get a bit more time for implementing my point 2.
2:they knews that eventually ppl will go for it as this is the future, so they are trying to build their own blockchain systems hiddenly so that actual capital will stay in their banks
please check these posts as a proof:
https://steemit.com/ibm/@sultanmr/ibm-and-deutsche-telekom-building-blockchain-based-global-network https://steemit.com/google/@sultanmr/google-public-blockchain-cloud-and-decentralization https://steemit.com/google/@sultanmr/google-in-blockchain-enterprise-applications
I totally agree with you.
It is very difficult to get money out of this country. They us the postal banks as their piggy bank and have created a huge dept. the crazy thing is that the money they take is the peoples. Then they tax us so they can pay back the money they used. We have to pay the government to steal our money! Fuckin batshit crazy!!!
yes its really crazy. but people cannot be fooled always.
second funniest thing i ever found that we all pax 'income' tax, and after that whatever we buy we have to pay additional tax, they name it sales tax. but it is still tax. then after detecting sales tax from us, the more funniest thing is they again tax the manufacturer from its production from rest of the money which he saved by selling. And after that deduction, when he try to get himself paid, there is only one way to do it. he need to pay tax when he wants some money from his own company bank account. Similarly in many parts of Europe, employer also need to pay some part of tax before giving salary to his employee (the income tax mentioned earlier is seperate). We cannot imagine how many taxes we are giving again and again and again from a SINGLE SOURCE OF INCOME. The cryptocurrency system is just straightforward, and it is out of this tricky taxing system. Now they tried their best to put their TAXING on it.
lets see.