Reserve Bank of India banned banks from allowing people to transfer money from their bank account into Bitcoin wallets
The RBI banned Bitcoin on Thursday, effective immediately. if your banks, e-wallets and any other entities under-regulated by RBI are not allowed to sale or purchase of cryptocurrencies, individuals will not be able to transfer money from any bank account in India into a Bitcoin wallet like Bitpay, nor will they be able to fund purchases of cryptocurrencies on an exchange. They'd have to figure out a way to pay people in cash, meaning if there is a Bitcoin market in India, it is going to move underground. India is't a big market for crypto, so Bitcoin was down only 2% today and probably not due to the RBI's announcement. Other countries like China, Singapore, Japan and the U.S. are the biggest markets for cryptocurrencies.