XRP, Bitcoin (BTC), Ethereum (ETH) ATM Seized By Indian Authorities0.41

In spite of India’s willingness to accept blockchain technologies with open arms, in April, the Reserve Bank of India (RBI) enacted measures to break up relationships between local financial institutions and cryptocurrency platforms. When the ban went into effect in July, all platforms in the country lost access to banking services, which disallowed exchanges from transacting in Indian Rupees.

While crypto-to-crypto exchanges are still permitted, the number of active Indian traders has plummeted, with volumes all but drying up. Data indicates that the number of consumers entering the Indian cryptocurrency space has fallen to 25,000 a month, which is a far cry from December 2017’s 300,000 new users.

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