An announcement from Arun Jaitley, the Finance Minister of India, has sent shockwaves throughout the global cryptocurrency market. “The government does not consider cryptocurrencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets" declared Jaitley today.
Many governments have found themselves at odds with cryptocurrencies and have taken measures to try to control or stem their growth, India however, has taken it a step further and effectively declared bitcoin to be illegal.
In the wake of this news, Bitcoin fell to $9,400, representing a loss of 9% and rendering it at its lowest level since December of last year.
Ripple, cardano, bitcoin cash and many other virtual currencies were also hit hard, losing over 10%. Ethereum was seemingly weathering the storm however, recording a gain of 1%.
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