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India is getting ready for a total ban cryptocurrency

Jul 24, 2019

Over the first two days of this week, all 14 cryptocurrencies, with a capitalization of more than $1B, got into  the “red zone”. According to CoinMarketCap Bitcoin (BTC), it returned under an important psychological support level of $10000. Ethereum (ETH) is trading above $200, and XRP continues to test the $0.300 level. This indicates a strong bearish fundamental factor for the entire market.

We recall that earlier in the United States was launched a campaign to regulate the cryptocurrency market. One of the reasons for this was Facebook’s plans to launch its own Libra cryptocurrency. According to some congressmen, Libra carries enormous financial risks. Now the government of India is moving to the active phase of confronting the spread of all cryptocurrencies.

Ban for all cryptocurrencies in India

On July 22, Reuters reported that a working group, under the government of India, headed by economic secretary Subhash Chandra Garg, recommended the authorities to ban all cryptocurrencies except those issued by the Central Bank.

A fine of  250 million rupees ($ 3.6 million) and ten years of prison was proposed as a penalty for using cryptocurrencies.

The group of experts has prepared a report and a bill, which will be considered by the government and regulatory authorities before they make a final decision. But the markets have already responded to this news by a strong decline. 

Meeting of Justin San and Warren Buffet

According to the official Twitter page of the TRON Foundation, the meeting between Justin Sun, the owner of Bittorrent, and Warren Buffett, a legendary investor, was postponed to a later date. The reason for the cancellation of the dinner was a kidney stones disease which got Sun.

But according to the 21st Century Business Herald, the entrepreneur is under investigation and cannot leave the territory of China, and the version about kidney stones is only an excuse. Justin Sun refutes the information spread by Chinese media, posting on Twitter photos in San Francisco, where he is recovering from illness.

Given the lack of massive sales of TRX, which is held significantly above the previous low of $0.0205 at $0.0232, it can be assumed that most investors tend to trust Justin.

John McAfee arrest

We recall that the odious representative of the bitcoin industry, John McAfee, fled from the United States at the beginning of the year, saying that he was charged with tax evasion. After that, he reported an attempt of detention, and therefore had to disappear for a few days from online.

But on Tuesday, July 23, the head of the McAfee 2020 presidential campaign, Rob Benedict Juan Maria Loggia-Ramirez, said that during the last conversation with John, he was overtaken by the police.

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