INSUBCONTINENT EXCLUSIVE:
On Zebpay, bitcoin price trades at Rs 4,38,350
On April 5, Reserve Bank of India (RBI) announced that all
regulated institutions (read banks) must severe ties with the entities that deal with cryptocurrencies in the next three months
Besides this, the banks have been warned not to forge any new relation with an institution dealing in digital coins
Following this, already-battered bitcoin prices plunge further in the international markets as well as in the Indian cryptocurrency markets
Not only bitcoins, but other digital currencies such as ethereum, ripple, bitcoin cash, litecoin, EOS, Cardano, stellar, NEO, IOTA and TRON
also went for a free fall and fell by upto 8% on Tuesday.Ripple fell by 3.9%, bitcoin cash declined by 5.8%, litecoin fell by 6% and EOS saw
its value falling by around 3%
Around a week ago, bitcoin price closed at $7,456
At the same time, two weeks and three weeks ago, the price of most popular cryptocurrency (bitcoin) had closed at $7,833 and $8,913
closed at $6,780 a day before
On Bitstamp, the cryptocurrency had closed at $7,400 a week ago.On India-based exchanges also, bitcoin price trades lower
On Zebpay, bitcoin price falls to Rs 4,38,350, ethereum trades at Rs 25,800, litecoin at Rs 7,450, ripple at Rs 31 and bitcoin cash at Rs
41,480.During a press conference organised after the monetary policy meet, RBI's deputy governor B P Kanungo said, "To ring fence the RBI
regulated entities (banks) from the risk of dealing with entities associated with virtual currencies, they (banks) are required to stop
having business relations with the entities dealing in virtual currencies forthwith
And (they are also required to) unwind the existing relation in three months.He further said, "The deputy governor also said that the
digital tokens are getting international attention and regulatory responses are not uniform
The investment in digital currency for speculative purposes can adversely impact market integrity, and capital controls, and if they grow in
their critical size, they can endanger financial stability."
