Two small Indian cryptocurrency exchanges closed their doors today due to regulatory fears, according to CNN Money. The exchanges, BTCXIndia and ETHEXIndia, have a minuscule daily trading volume of about $45,000 per day combined. While these closures are certainly minor, they could be a harbinger of worse to come. Both exchanges are closing because they expect a crackdown from Indian regulators who have been notoriously hostile to digital currencies. India’s finance ministry has called cryptocurrency a “Ponzi scheme” and claimed that crypto’s only use is to fund illegal activities.
Gov’t of India Reportedly Plans to Regulate Crypto, What’s the Motive?