Indian Bitcoin Exchanges Shut Down Amid Scrutiny

Bitcoin exchanges operating in India are shutting down amid warnings from the Reserve Bank of India (RBI) that those using the currency are involved in “illegal and illicit” activities, TechCrunch reported on December 27.

“The absence of information of counterparties in such peer-to-peer anonymous/ pseudonymous systems could subject the users to unintentional breaches of anti-money laundering and combating the financing of terrorism (AML/CFT) laws,” the RBI said this week.

CoinDesk reported that Indian bitcoin exchange INRBTC is suspending its services indefinitely following the statements from the RBI. Further, the media outlet revealed that buysellbitco.in is suspending buy and sell operations until it can revise the framework of its operations.

Other bitcoin services in India shut down following the news. For more on bitcoin’s recent movements, read the latest edition of our Bitcoin Bubble Tracker here.

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