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Cryptocurrencies hit hard on Indian exchanges, after RBI's near-ban policy

In India, Bitcoin, a volatile cryptocurrency, plummeted to a low of 350,001 rupees or about $5,392

Reuters  |  MUMBAI 

The Reserve Bank of India moved to bar banks and other entities that it regulates from having any linkages to virtual currency dealers, leading to a plunge in Bitcoin and other cryptocurrencies on local exchanges on Friday. The government and the central bank have previously cautioned the public on cryptocurrencies, with New Delhi earlier this year vowing to eliminate the use of digital currencies, which it considers illegal in the country's payment system. Entities regulated by the RBI shall not carry out transactions with individuals or businesses dealing in virtual ...

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First Published: Fri, April 06 2018. 23:40 IST