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Bitcoin and Dogecoin in India: Legal status of crypto, how it is bought and sold, what can you do with them
Bitcoin, Ethereum and Dogecoin were all in green (at the time of writing), while others also showed a positive sentiment. The recent fall came after China s decision to ban financial and payment institutions from providing cryptocurrency services.
Manas Tiwari | May 20, 2021 | Updated 19:28 IST
Cryptocurrencies are not illegal in India but, they are not regulated.
Highlights
Bitcoin and Ethereum have recovered in last 24 hours.
Cryptocurrencies are not illegal in India.
The entire crypto world was shaken on Wednesday as it lost close to $1trillion in market cap and biggest of trading platforms, including Binance and Coinbase crashed, leaving investors fuming. Most cryptocurrencies have recovered in the last 24 hours. Bitcoin, Ethereum and Dogecoin were all in green (at the time of writing), while others also showed a positive sentiment. The recent fall came after
Explainer: What Beijing s new crackdown means for crypto in China
Reuters | May 19, 2021 11:19 PM EDT
A small toy figurine is seen on representations of the Bitcoin virtual currency displayed in front of an image of China s flag in this illustration picture (Photo : REUTERS/Dado Ruvic/Illustration)
Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money.
Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that virtual currencies are not supported by any real value .
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Crypto has no value, can be manipulated – China s statement crashes bitcoins (Full text) - Nigerian News Latest Nigeria News Your online Nigerian Newspaper nigerianeye.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nigerianeye.com Daily Mail and Mail on Sunday newspapers.
Published on: Thursday, May 20, 2021
By: AFP
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Concerns over the environmental impact of bitcoin mining prompted carmaker Telsa to stop using it in transactions Lars Hagberg. (AFPpic)
BEIJING: Bitcoin plunged below $39,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them.
The comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.
China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative crypto trading.