The popular cryptocurrency Bitcoin was trading at $7,125.29 up nearly 2 percent today.
The RBI’s diktat on cryptocurrencies last Thursday came as a setback to the virtual currency market that also includes much popular Bitcoin. The already struggling digital currency space that is expecting stricter regulations from central banks all across the world was left badly bruised when RBI in its order said that all the entities regulated by the central bank shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies in view of the risks associated with these digital assets. The top banking regulator of the country also clarified that all those entities which are into a relationship with such service providers must exit the relationship within three months.
Bitcoin was trading at $7,125.29 up nearly 2 percent at the time of reporting. Most of the crypto investors in India are avoiding parking their money in digital assets post announcement made by the RBI. On April 5 just before the RBI order on virtual currencies, a Bitcoin was worth Rs 4.8 lakh on Indian exchange Koinex. On Coinbase, a bitcoin was trading at $6,880 or Rs 4.47 lakh. As per the current values, the rates of a Bitcoin is Rs 4.04 lakh and $6,993 or Rs 4,54,545 on Koinex and Coinbase, respectively.
Coindesk reported citing Coinsecure chief operating officer Jincy Samuel saying that various industry players including it are in talks with IAMAI and BACC to see if they could help us in getting a hearing at the Supreme Court to see any possibility of stay orders on the latest decision by the Indian central bank.
The RBI had repeatedly issued warnings against making an investment in the cryptocurrencies including Bitcoin in the last year due to their unpredictable nature.