BITCOIN SET TO CRASH AFTER INDIAN RESERVE BANK MOVES TO BAN CRYPTO

If you have Bitcoin or some other crypto you might want to consider selling it sometime soon following the latest meeting of the Reserve Bank of India which came out with a hardline anti-crypto stance. 

As reported by India's Economic Times:

The Reserve Bank of India (RBI) has conveyed to its central board that it favours a complete ban on cryptocurrencies, people familiar with deliberations at the central bank's board meeting on Friday told ET.

The RBI made a detailed presentation to the board highlighting "serious concerns" relating to macroeconomic and financial stability as well as exchange management, said one person. "The board was apprised of RBI's stance on the matter." The central bank also highlighted the challenge of regulating intangible assets that originate overseas.

The RBI said in June that it had “major concerns” on cryptocurrencies, which it had conveyed to the government. Its board discussed its planned digital currency and private cryptocurrencies at the meeting on Friday, the RBI said in a statement released on the same day.

The move is already picking up considerable political traction with a new bill banning crypto already in the pipeline:

The government had listed the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for introduction in the Lok Sabha in the winter session of parliament. It had earlier been listed for the budget session as well but could not be introduced as the government decided to rework it.

The proposed bill seeks to create a framework for the creation of an official digital currency to be issued by the RBI. It aims to prohibit private cryptocurrencies in India...

First China and now India. The Bitcoin Boom, the Great Crypto Conversion is already coming unstuck. Meanwhile in the US, moves to shut down Bitcoin will be dressed up in environmental clothing.

The suckers in the new game will be those who bail out last.