Indian Central Bank causes Largest Bitcoin Exchange Shutdown [Updated]

[stompix]

People all over the world are barely living paycheck to paycheck, living in tiny homes due to high housing cost even in western nations, food price increases have caused RECORD poverty in western nations. Its no more a case of Americans are rich, Indians and Chinese are poor. This fact is constantly ignored, everyone is having a hard time.

Higher price of food and cost of living will cause more difficulty for everyone in us and eu (not just india and china ) and lower the already low standard of living. No one will be rushing to buy 108" tvs.

You obviously don't live where I live.  Even during the height of the depression, Disneyland was absolutely FULL at $139 per person and almost $300 for an annual pass.

And on Black Friday, practically every shopping cart had a 40"+ TV in it.

Cost of living is a Global issue affecting everyone, the vast majority of working people live paycheck to paycheck (debt doesnt count). If food prices go up in Europe, people won't absorb the cost their standard of living will go down.

people going to Disney land and buying TVs is irrelevant, People in India and China are spending the same amount of time in Massive Malls and theme parks and buying electronics (iphone and androids one of the biggest markets in the world is China and India). Standard of living has gone up immensely in "developing" nations the past 2 decades a fact people don't seem to grasp. The point i'm trying to portray is Higher cost of living doesn't affect JUST developing nations like india and china anymore, western population are also strongly affected and standard of living is going down along with purchasing power.

I do not believe people in the United States or Europe can easily absorb higher food, fuel, housing costs, taxes without lowering their standard of living, that's just fantasy.

Yeah , 2x price increase in food and they will lower their standard , nothing more.
For the rest of the countries , they will starve.

"Deaths from malnutrition on a large scale have continued across India into modern times. In Maharashtra alone, for example, there were around 45,000 childhood deaths due to mild or severe malnutrition in 2009, according to the Times of India.[131] Another Times of India report in 2010 has stated that 50% of childhood deaths in India are attributable to malnutrition.[132]"

Is this happening in Europe?

[Apostata]

Looks like another mindless post lacking any real insight.  These exchanges were perhaps set up a bit prematurely, without getting the proper licenses, therefore not adhering to India's currency laws.  So yes, they were raided, just like they would raid any business who didn't obtain the proper licensing.  And obviously they are going to come down harder on businesses involving the transferring of money. 

Now there is a clear opportunity for someone who knows what they are doing to set up a proper exchange with the appropriate licenses and Indians will finally be able to buy bitcoin in a serious way.

[soopy452000]

There's nothing called proper licences in India lol , everything you do with virtual currencies is money laundering to them so I doubt there's so called Licences as such. As for them they only want people to work with fiat. Same as all the governments that oppose Bitcoins.