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Indian and Pakistani central banks clamp down on cryptocurrencies
They hate competitive forms of money more than they hate each other. Maybe that's progress of a sort.
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By Abhirup Roy and Devidutta Tripathy
Friday, April 6, 2018
MUMBAI, India -- India's central bank today barred banks from having any links to virtual currency dealers, slashing the prices of bitcoin and other crypto-currencies on local exchanges.
Pakistan's central bank said in a separate statement late on Friday that crypto-currencies were not legal in the country.
The State Bank of Pakistan told banks and other financial services providers to refuse customers seeking crypto-currency transactions.
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It noted that those using crypto-currencies to transfer funds outside Pakistan could be prosecuted.
India's government and the Reserve Bank of India (RBI) have previously cautioned the public over crypto-currencies, with New Delhi vowing earlier this year to eliminate the use of digital currency, which it considers illegal.
The RBI said on Thursday that entities under its regulation may not deal in any virtual currency. ...
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