India is struggling to identify what it wants to do with Crypto and Bitcoin. As although it wants the blockchain technology it is not keen on the lack of control it has over the coins and tokens that sit on the technology. Today is another bit of bad news as the biggest national banks in India have frozen Bitcoin/Crypto exchange accounts which caused turmoil within India on the domestic markets that drove the price of Bitcoin downward.
Although these things are expected in a similar way to China wanting the technology but also wanting to bring in control and legislation India has seized the FIAT access. The People’s Bank of China intends to block all cryptocurrency related options including exchanges, wallets and trading platforms and it looks like India may be thinking the same. Although this all may seem heavy handed it may be more to do with anti money laundering and tax evasion laws and rules due to Crypto currently not sitting in the normal banking and government systems. Not an asset, security or anything else recognised as a taxable value. Making it a difficult thing to control at the same time Crypto currency could be the next level of banking in the future. South Korea has also taken interest in the Crypto space with crypto related companies finding 13 of the largest exchanges investigated and inspected including Bithumb, Coinone, Korbit and Upit.
Although we are seeing a price drop in the Crypto market historically it is normal for the first few months of a year. Although negative media never helps I do think we will see recovery in the next 6 weeks. As well as things like VEChain showing some strong developments in February. This is not the end of Bitcoin and the Crypto space but part of its evolution to world recognition and adoption.