Pressure from Reserve Bank of India Drives Some Bitcoin Businesses Under

Crummy news on the Bitcoin beat
out of India, via NDTV

A number of Bitcoin operators in India have begun suspending
their business following RBI’s warning against use of such virtual
currencies due to potential money laundering and cyber-security

While RBI is yet to come out with a clear regulatory framework
forĀ Bitcoins, which have
been gaining currency across the world over the past few months, it
has issued an advisory cautioning general public against use of
Bitcoins and other virtual currencies – notably, no ban.

Within days of this advisory issued on December 24, a number of
entities offering Bitcoin services have suspended their operations,
temporarily or indefinitely, while websites of a few others have
gone down.

As I wrote back in May, while aspects of the Bitcoin protocol
make its destruction by government or central banks unlikely, their
pressure can
sure make it more difficult
for people to conduct Bitcoin
related businesses.

from Hit & Run

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