The Bitcoin saga took an unpleasant turn this December when China’s central bank banned financial institutions from dealing in the virtual currency.
Bitcoin was enjoying a surge of popularity in the country; by the end of November, Chinese exchanges were responsible for almost two-thirds of worldwide traffic. The central bank’s decision sent the currency tumbling.
Last week, Indian regulators joined the fray. Preferring ominous warnings to outright prohibition, the Reserve Bank of India issued a public advisory on the dangers of Bitcoin.
The meaning was clear enough. India’s largest exchange was promptly shut down, and its operator raided by local authorities.