Indian and Pakistani central banks clamp down on cryptocurrencies

Section:

They hate competitive forms of money more than they hate each other. Maybe that's progress of a sort.

* * *

By Abhirup Roy and Devidutta Tripathy
Reuters
Friday, April 6, 2018

MUMBAI, India -- India's central bank today barred banks from having any links to virtual currency dealers, slashing the prices of bitcoin and other crypto-currencies on local exchanges.

Pakistan's central bank said in a separate statement late on Friday that crypto-currencies were not legal in the country.

The State Bank of Pakistan told banks and other financial services providers to refuse customers seeking crypto-currency transactions.

... Dispatch continues below ...



ADVERTISEMENT

USAGold: Coins and bullion since 1973


USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.

Please call 1-800-869-5115x100 and ask for the trading desk, or visit:

http://www.USAGold.com

USAGold: Great prices, quick delivery -- all the time.



It noted that those using crypto-currencies to transfer funds outside Pakistan could be prosecuted.

India's government and the Reserve Bank of India (RBI) have previously cautioned the public over crypto-currencies, with New Delhi vowing earlier this year to eliminate the use of digital currency, which it considers illegal.

The RBI said on Thursday that entities under its regulation may not deal in any virtual currency. ...

... For the remainder of the report:

https://www.reuters.com/article/us-market-bitcoin-india/india-pakistan-c...

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16