INSUBCONTINENT EXCLUSIVE:
Crypto-currency followers, here’s a piece of good news for you.
A panel formed by the government to look into crypto-currency does not
seem to be in favour of banning it
Instead, it may suggest allowing crypto-currency with riders, ETNow reported quoting Cogencis.
On April 6, RBI through its notice titled
‘Prohibition on dealing in virtual currencies’, mandated banks, e-wallets and payment gateway providers to withdraw support for
crypto-currency exchanges and other businesses dealing with virtual currencies (VCs) in India.
Banks, in turn, forced exchanges and traders
to stop using their accounts for trading in VCs
This led them to approach the Supreme Court against the regulator’s move
The case is scheduled for hearing on July 20.
Lack of proper stakeholder consultation and absence of reasonable grounds to restrict any
business are the primary provisions under which the RBI notice has been challenged in the SC.
Popular crypto-currency bitcoin fell to a
two-month low on Tuesday, sliding in three of last four sessions on nagging regulatory and security concerns after the weekend hacking of
South Korean crypto-currency exchange Coinrail.
The original virtual currency is nearing its lowest level of the year at just under $6,000
It fell to a low of $6,500 and last traded 4.7 per cent lower at $6,551.48.
So far in 2018, bitcoin is down nearly 53 per cent, after
soaring more than 1,300 per cent last year.
