Could the G20 strangle Bitcoin?

Internationally the mood towards Bitcoin keeps on souring and recently US Treasury secretary, Steven Mnuchin stated that the G20 nations will begin working together to make sure that Bitcoin and other cryptocurrencies are properly regulated.

 

 

Good regulation might be a good thing for Bitcoin but it increasingly looks as if governments want to keep a very tight grip on the financial system

 

 

Bitcoin exchanges are under fire in India:

It was recently reported on Cointelegraph many of the nation’s top banks have suspended or greatly curtailed functionality on cryptocurrency exchange accounts.

 

State Bank of India (SBI), Axis Bank, HDFC Bank, ICICI Bank and Yes Bank have all either closed accounts or severely limited functionality, citing the risk of dubious transactions.

 

The news follows a recently filed public interest litigation (PIL) in Calcutta, by advocate Bivas Chatterjee, asking a court order to impose immediate regulations on Bitcoin and other cryptocurrencies.

 

It does not help the cause that the Ministry of Finance referred to Bitcoin as a Ponzi scheme.  Full story – Click here 

 

What are your thoughts on Bitcoin and government regulation?

 

 

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