India just cracked down on cryptocurrency. Hard.

Indian officials are not here for your cryptocurrency games. 

Government officials with the Reserve Bank of India announced on Thursday that, effective immediately, banks would be prohibited from "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies."

SEE ALSO: A little-known token may be fueling Bitcoin's rise. Critics say it's a scam.

Essentially, that means people in India are now unable to move money from bank accounts to exchanges in order to buy cryptocurrency. What's more, if you've sold your fat gains for cash, you are no longer able to move that money back to your bank account. Read more...

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