The report comes amid a tightening of norms surrounding the cryptocurrencies in India
For entities which are already providing such services, three months time has been given to them to cease such activity, the plea said
Move follows Ahmedabad-based CoinRecoil's writ petition in Delhi HC challenging the RBI notification barring banks from extending services to crypto exchanges
China, a major market, has shut down local cryptocurrency trading exchanges
The price retreat comes as regulators adopt an increasingly skeptical stance towards the digital money
RBI directive proved opportune for a lot of traders who used dip in bitcoin and other virtual currency prices to their advantage by buying even more and holding it in their private wallets rather
A spokesman did not comment on the coin offering, but did say the firm was looking at using blockchain - the technology underlying digital currencies - to help people secure their online data