Big blow to crypto holders; Bitcoin loses Rs 10,000 after SC refuses to stay RBI ban

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July 3, 2018 4:32 PM

The Supreme Court on Tuesday refused to grant "interim relief" to cryptocurrency players against the Reserve Bank of India circular that asked banks to terminate their business relationships with firms and individuals dealing in cryptocurrencies.

Big blow to crypto holders; Bitcoin loses Rs 10,000 after SC refuses to stay RBI banThe Supreme Court on Tuesday refused to grant “interim relief” to cryptocurrency players. (Image: Reuters)

The Supreme Court on Tuesday refused to grant “interim relief” to cryptocurrency players against the Reserve Bank of India circular that asked banks to terminate their business relationships with firms and individuals dealing in cryptocurrencies. The deadline for this is three days from now: July 6. Bitcoin lost about Rs 10,000 from day’s high of Rs 4,58,105 to 4,47,998, according to CoinGecko.com.

“This is a big blow to not only cryptocurrency trading platforms, but also individuals holding cryptocurrencies. The choking of banking channels means that virtually all cryptocurrency-related transactions will have to be done in cash or not at all,” Rashmi Deshpande of Khaitan & Co told FE Online.

In April, the RBI had issued a circular, asking entities regulated by the central bank to not get involved with cryptocurrency traders, firms, or individuals. “It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately,” the RBI had said in a statement.

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