Daily crypto: India bans cryptocurrencies – but plans to release one of their own

India forbids banks to transfer money to crypto exchanges

Image source: Shutterstock/Wikimedia Commons/Trijo News

Totte Löfström

totte.lofstrom@trijo.co

The biggest news in the last 24 hours is that India is banning banks to make transactions to crypto exchanges. This made the prices take a slight turn downwards, but overall it has been pretty undramatic.

Yesterday, India presented a new bill that forbids Indian banks from transfer funds to crypto exchanges. The bill also forbids banks from having crypto-related businesses as customers. Needless to say, many people in the world’s second-biggest land (when it comes to population) were upset by the new law.

As a nice, crunchy topping, it was later reported that India also plans on creating their own cryptocurrency. It is still unclear whether this will be decentralized or centralized, but it’s not all that hard to guess that it will probably be the latter.

In other news, CNBC has been reporting that the Wall Street-profile Tom Lee has presented an analysis that claims a massive outflow of money from the world of crypto, when American companies and individuals are expected to pay their taxes on April the 17th. According to Tom Lee, Americans and American companies have a crypto-related tax debt of as much as 25 million dollars, and they will have to sell Bitcoins and other cryptocurrencies to free capital in order to pay this debt.

In case of such a mass sell of cryptocurrencies, we could probably expect the prices to go down on a broad scale.

Regarding the prices, most of them have been pretty steady the last 24 hours. Bitcoin (-0,20%) and Ethereum (-0,40%) have seen a slight loss, as well as most of the biggest coins. On the top ten list, EOS (+8,56%) and Tron (+25,05%) stands out as the biggest winners. Tron is also the coin that has grown the most on the whole top 100.

Prices the last 24 hours

Coin Price % (24h) 
 Bitcoin $6 832,78 −0,20%
 Ethereum $379,93 −0,40%
 Ripple  $0,493494 −1,41%
 Bitcoin Cash $644,13 −0,63%
 Litecoin $118,00 −1,21%

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