With the onset of crypto currencies in the world, especially Bitcoins have changed one’s perspective of money. Making billions and turning into a billionaire is now way easier. With just the right amount of knowledge and skills one can get added in the Forbes top 20 richest list in less than two years.
Becoming rich is now a piece of cake, though that cake is really rare to find and also not very sweet in taste.
There goes a saying- Once a rich man, always a rich man! Well, this is not very much true with Bitcoin traders. We see entire empires of businesses crumble over crypto currencies. Trading Bitcoins is more dangerous than drinking molten iron. It can either make you a superhero or lead you towards your grave.
In New Delhi, India the Reserve Bank of India’s announcement on crypto currencies has left both traders and investors in a state of extreme economic loss. Many are planning to rap up their businesses from the country.
The current announcement was really unpredictable and it has shaken the Bitcoin industry from it’s roots. A big price fall in the tokens was seen. And a pretty big steep decline in the daily trade was observed.
If you are a trader who has invested a lot in the crypto currency market and were looking for a long term but big pay off, you are doomed. Out of all things if there is something the government and the Reserve Bank of India will not let you have is a big return on crypto currencies’ investment.
For many Indian exchanges, this is the end of the road. For new investors it is more of a dead end with a push from the back. This move by Reserve Bank of India is really frowned upon right now. According to some of the experts and analyzers the RBI seems to be playing a weird game. In which the Bitcoin investors will receive a cheap low blow from the government.
But what is to be kept in mind is- Bitcoin trading is not illegal in anywhere! The only thing is that Banks just do not allow that anymore. It looks like even the RBI is being forced to break its relationship with virtual form of currencies.
According to the financial people at stock exchanges, the mood in the market is dismal. And the RBI along with the government is to be blamed recklessly.
The industry stakeholders are kind of angry on the fact that they were not even consulted once before taking this decision.
The industry participants were not consulted, no amount of public debates were held and absolutely zero number of polls were conducted! Isn’t this a democracy?
The bank is shutting down accounts of bitcoin and other crypto currency exchanging companies without even blinking a sore eye. The company almost seized is called Belfrics.
Some of the places where Belfrics conducts it’s business is-
- Honk Kong
This is a knee jerk move that hurts the industry very badly. Although Reserve Bank of India has given some time to the traders to settle everything before the doors of virtual currencies would be closed forever and doomed to darkness in the country.
This might as well lure the traders to do under the table dealings or make small trade through direct cash transactions which can never be accounted or regulated. So according to experts this move will not only hurt the market but also lead to illicit practices and black marketing of crypto currencies in the country.
But there are some who still have hope. Some say that RBI will give detailed information and guidelines by the end of June this year. It appears that the traders are hoping for some kind of seemingly impossible positive decision in the field of virtual money market.
When it comes to wrapping up one’s business, traders and investors are waiting for the right moment and right time. They intend to reap maximum crops of profits long as they can.
Crypto currencies are the future of money transaction. It is said that one day it can replace gold in the international market spectrum. Although the Indian financial planning committee seems to lost their minds as they are coming up with such brutal impositions. The people are free and so must remain their right to invest wherever they like.
And so as we reach to a state where it is high time to hit the streets with our demands, the government should know that we will get what we want anyhow! Until further notice by the Reserve Bank of India the traders and investors have decided to stay calm. Let’s cross our fingers and hope that the decision taken falls on the side favouring the people of the nation.
If not, another huge storm awaits the Government.