World Satoshi Summit Cancelled

The World Satoshi Summit planned to be held in India’s capital New Delhi next month has been canceled due to regulatory issues.

“Due to certain regulatory issues in India, World Satoshi Summit currently stands canceled,” the organizers said in a message posted on the event’s website. All refunds will be processed over the next few weeks, says the statement, which denies further access to the site.

The summit, which was scheduled for May 12 and May 13, would have been the largest gathering of blockchain enthusiasts in South- Asia.

More than 3500 global stakeholders were expected to attend the World Satoshi Summit 2018.

Keynote addresses by well-known blockchain experts, workshops, smart contract sessions and networking meets were on the agenda.

The summit was supported by Nasscom Blockchain SIG.

This is the latest in a series of setbacks for the developing Indian cryptocurrency market.

Although not banned by law, cryptocurrency trading is under tight scrutiny and restrictions in the country.

Recently, several banks banned the transaction of cryptocurrency using their debit or credit cards.

Top banks have also stopped or suspended accounts of bitcoin exchanges.

India’s Finance Minister said at his budget speech that bitcoin is not legal tender.

The clarification came after multiple warnings by the country’s central bank and the finance ministry on the non-fiat virtual currencies.

Cryptocurrency exchanges in India have witnessed a deep fall in trading on bitcoin this year, with some exchanges suspending trading until the authorities come out with clarity in market regulation.

by Joji XavierRTTNews Staff Writer

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