Cryptocurrency trade braces for RBI ban

Cryptocurrency trade braces for RBI ban

News:

1. Recently, the Supreme Court has refused to stay the RBI’s directive to banks instructing them to stop all business with dealing in cryptocurrencies.

Important facts:

2. The RBI’s directive and SC’s verdict have mixed reactions from industry players and analysts.

3. The apex bank’s decision is a big blow to not only crptocurrency trading platform, but also individuals holding crptocurrency.

4. The regulatory framework is being built in relation to the crptocurrency market in India.

5. This framework would not have been in the process of development if the government had the intension to ban crytocurrencies entirely.

6. Cryptocurriencies:

• Crptocurrency is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions.
• Cryptocurrency is a kind of digital currency, virtual currency, or alternative currency.
• Cryptocurrencies use decentralized control as opposed to centralized electronic money and central banking system.