Bitcoin and other major cryptocurrencies are falling substantially on Thursday after India announced a crackdown on their trading and circulation. The largest cryptocurrency, bitcoin, dropped nine percent to $9,400, the lowest level seen since November. The Indian Finance Ministry on Thursday made bitcoin illegal and announced an upcoming ban. “The government does not consider cryptocurrencies as legal tender or coin and (will) take all measures to eliminate the use of crypto assets,”

Finance Minister Arun Jaitley said. India is one of the largest bitcoin markets, with a 10 percent share. Cryptocurrencies have not been regulated there, but the government started a de-facto crackdown on cryptos last December. Users have been facing troubles with deposits and withdrawals from bank accounts linked to digital money, and the Indian Income Tax Department raided bitcoin exchanges across the country, seeking to identify cryptocurrency traders. “After today’s announcement, people are getting scared,” Bloomberg. READ MORE