In India, bitcoin plummeted to a low of Rs350,001 (about $5,392), according to crypto-currency exchange Coinome, compared with its international market price of $6,617. Entities regulated by the RBI shall not carry out transactions with individuals or businesses dealing in virtual currency, the RBI said on Thursday after issuing its bimonthly monetary policy report. In India, bitcoin, a volatile cryptocurrency, plummeted to a low of Rs350,001 (about $5,392), according to crypto-currency exchange Coinome, compared with its international market price of $6,617. The Indian government has previously likened cryptocurrency investments to “Ponzi schemes” that offer unusually high returns to early investors. It has set up a panel to look into the issues relating to cryptocurrencies and plans to appoint a regulator to oversee unregulated exchanges.

Source: Mint April 07, 2018 07:30 UTC