With RBI’s near-ban announcement, cryptocurrency prices crash sharply | Business Standard News

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 cent discount.

In line with bitcoin, the price of around 10 other crypto currencies has also fallen. Sources explained that trading in other cryptos was allowed recently; that in bitcoin was on for years; hence, many investors were making distress sales. All other currencies — Ether, Ripple, Litecoin, etc — were quoting at similar discounts.

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With RBI’s near-ban announcement, cryptocurrency prices crash sharply | Business Standard News.

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