2 DAYS LEFT UNTIL TNW Conference 2021 – join us in Amsterdam for face-to-face business!

The heart of tech

This article was published on December 27, 2013

Bitcoin exchanges in India suspend services as authorities crack down on the virtual currency

Bitcoin exchanges in India suspend services as authorities crack down on the virtual currency
Jon Russell
Story by

Jon Russell

Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on T Jon Russell was Asia Editor for The Next Web from 2011 to 2014. Originally from the UK, he lives in Bangkok, Thailand. You can find him on Twitter, Angel List, LinkedIn.

bitcoin-cropA number of Bitcoin exchanges in India have suspended their services days after the Reserve Bank of India (RBI) warned that use of the cryptocurrency could violate money laundering and financial terrorism laws.

Among the services that are pausing, INRBTC.com says “the only option left now is suspend the services until further arrangements can be made,” while Buysellbitco.in will remain offline until “we can outline a clearer framework with which to work.”

A report from DNA today suggests that Mahim Gupta, who runs Buysellbitco.in, could be arrested if police “are able to establish money laundering” charges against him.

India’s crackdown comes a week after China banned local exchanges from dealing in its national currency, sending the value of Bitcoin plummeting.

➤ Bitcoin operators start shutting down in India, following RBI advisory [The Economic Times]

Image via Antana / Flickr