India arrests Bitcoin growth, RBI and ED put their hammer down

In what could be upsetting news for Bitcoin growth in India, on 26th December 2013 (2 days after issuance of RBI notice), the Enforcement Directorate (ED) undertook the first Bitcoin raid in India.

On 26th December 2013, India largest Bitcoin exchange – – stopped all operations on its platform. And so did other exchanges and portals as well. This came soon after the recent Public Advisory issued by RBI stated that users of Virtual currencies were exposed to legal and financial risks.

The Central Banks notice warned the public of risks involved with the currency such as Money Laundering and anti terrorism activities. The ...

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