Bitcoin price plunges down below $8,500
- India says it is committed to banning all cryptocurrencies in the nation
- The Indian government to embrace blockchain technology
- Bitcoin price dips below $9,000
Bitcoin, the most popular cryptocurrency, is trading below the $8,500 level. The BTC/USD fell 16% in last 24 hours from $10,200 traded on Wednesday. The price is sliding after India announced the ban on cryptocurrencies.
India’s finance minister Arun Jaitley has vowed to zero in on illegal use of cryptocurrencies. Furthermore, Mr. Jaitley said that India would be looking at ways to adapt and embrace the blockchain technology.
Talking to other ministers and members of parliament, the finance minister said, “Both the Reserve Bank of India and the government of India have consistently maintained the position, and have made it public repeatedly, that this is not a lawful legal tender in India. Therefore that protection is not available.”
In his statement, Mr. Jaitley assured the public that the government of India is committed to ending cryptocurrencies. The ban is being put in place to crack down on money laundering activities that are rising in the nation.
Mr. Jaitley said “The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payments system,” he continued, “The government will explore use of blockchain technology proactively for ushering in digital economy.”
The Bitcoin is now trading within $8,000 - $10,000 range on a downward sloping trend.
BTC/USD price daily chart
