India will block cryptocurrency, but seeks a digital Rupee
Well, it looks like India is clamping down hard on virtual currency. The Reserve Bank of India doesn't want anything to do with this market. This is going to make it difficult for the people of India to buy, sell and trade crypto for the meantime.
Actually, I'm not very surprised by this move. In fact, I specifically mentioned that this would happen in my book The Satoshi Sequence months ago! I even predicted the Petro in Venezuela. If you haven't read my book yet, I highly encourage you to buy a copy on Amazon!
Anyways, India has gone through a lot of monetary policy changes the last couple years and they are gearing up for their own national virtual currency. Even though individuals and banks can't do much business with blockchain tech right now, the future seems bright as they begin formulating a regulatory body (good luck with that).
This situation isn't all that different from China's take on virtual currency, who has also "banned" it from being used. Oh boy, did that backfire on China. Virtual currency is still very prominent in the socialist empire, albeit under the table. Even mining has been tough to remove from the mainland, with most miners flocking to Honk Kong or migrating to Canada in seek of cheaper power rates. India is going to learn the same lesson. There is no modern way of regulating, banning or eliminating blockchain in the same way that fiat can be.
In regards to my book, I'm 2-for-2. First Venezuela, and now India. Next up would be Russia. Oh wait, they've been pursuing a digital Ruble for a while now. This will be interesting to continue monitoring!