With RBI's near-ban announcement, cryptocurrency prices crash sharply

From an 8% premium, quoting at 27% discount to international price with investors' distress sales


Without saying so categorically, the Reserve Bank of India (RBI) as good as banned crypto currency on Thursday. As a result, prices of bitcoin and other crypto currencies on Indian exchanges have crashed. Bitcoin was trading at $6,950 in international market just before RBI announcement but in India on Zebpay, a leading crypto exchange, it was quoting at Rs 500,000 at an almost 8 per cent premium. However, at 11:30 pm IST, global price of Bitcoin was $6,701, which works out to Rs 435,565 in rupee terms (1 dollar=Rs 65) but on Zebpay the price is quoted at Rs 340,400, a 27 per ...