Skip to content
Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Primary Menu Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

Hindi News, हिंदी समाचार, Samachar, Breaking News, Latest Khabar – Pratirodh

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us
  • Featured

SC Quashes RBI Banking Ban On Cryptocurrency

Mar 4, 2020 | Pratirodh Bureau

Besides being used for terror financing, money laundering and drug trafficking, cryptos pose a bigger threat to the stability of the financial system of the country, the central bank officials said

The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin. The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating banking transactions for cryptocurrency exchanges and traders.

In April 2018, the central bank had tightened rules to discourage the use of virtual currencies such as Bitcoins, prohibiting banks and financial institutions from providing any related services.

The central bank gave entities three months to snap all banking relationships with individuals or businesses dealing in virtual currency. That ban was aimed at “ring-fencing” the country’s financial system from the private virtual currencies, deemed illegal by the government.

Bitcoin – the largest and most popular cryptocurrency – has appreciated by almost half so far this year, to regain the $10,000 mark against the US dollar for the first time since October.

Other major cryptocurrencies which tend to move in correlation with Bitcoin have also gained this year; while Ethereum has more than doubled, Ripple’s XRP is up over 75 per cent.

The cryptocurrency’s 11-year history is replete with fast ascents and equally rapid plunges. In late 2017, it rose three and a half times in just 35 days to reach almost $20,000. It then slumped 70 per cent in seven weeks. Such wild and often inexplicable swings are why Bitcoin faces a struggle to become a functioning currency.

Cryptocurrencies are digital currencies in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

While many regulators around the world have been warning against trading in bitcoins, some have backed it. In 2017, Japan accepted bitcoin as legal currency and even officially recognised Bitcoin exchanges.

Tags: Bitcoin, cryptocurrency, digital currencies, encryption techniques, Ethereum, Pratirodh, RBI, Reserve Bank of India, Ripple's XRP, Supreme Court, virtual currency

Continue Reading

Previous Global Shortage Of Medical Equipment To Fight Covid-19: WHO
Next Coronavirus Cases Rise To 28, Including 16 Italians

More Stories

  • Featured

Swamy Death: Elgar Case Accused Activists Go On Fast In Prison

7 hours ago Pratirodh Bureau
  • Featured

Nupur Sharma Row BJP’s Conspiracy: Mamata

7 hours ago Pratirodh Bureau
  • Featured

Climate Change, Poor Planning Behind Assam’s Mounting Flood Ferocity

14 hours ago Pratirodh Bureau

Recent Posts

  • Swamy Death: Elgar Case Accused Activists Go On Fast In Prison
  • Nupur Sharma Row BJP’s Conspiracy: Mamata
  • Climate Change, Poor Planning Behind Assam’s Mounting Flood Ferocity
  • Review: Ghosh Fable Pushes Us To Re-Examine Received Wisdom
  • ‘I Hang My Head In Shame’: Kapil Sibal On The State Of Judiciary
  • Heatwaves Threaten SA’s Women Farmers
  • Three Dead In Copenhagen Mall Shooting, Cops Probe Terror Angle
  • Centre Reneged On Promises To Farmers: SKM
  • No Link With Udaipur Killing Accused: Raj BJP Minority Wing
  • Women’s Reproductive Rights In The Shadow Of Roe V. Wade Verdict
  • Floods In Assam Lead To Massive Destruction, Cripple Life
  • Delhi HC Notice To Police On Zubair’s Plea
  • ‘Why Different Treatment For Farmers & Large Businesses?’
  • Ban On Single-Use Plastic Items Kicks In
  • Improving Road Safety Could Save 30K Lives In India Annually: Study
  • At What Point Is A Disease Deemed To Be A Global Threat?
  • Twitter Accounts Linked To The Farm Movement Withheld: SKM
  • ‘Pandemic Is Changing But It Is Not Over’
  • Chopra Set To Win Medal In Stockholm Event
  • Bonn Climate Talks End In ‘Empty Pages’

Search

Main Links

  • Home
  • Newswires
  • Politics & Society
  • The New Feudals
  • World View
  • Arts And Aesthetics
  • For The Record
  • About Us

Related Stroy

  • Featured

Swamy Death: Elgar Case Accused Activists Go On Fast In Prison

7 hours ago Pratirodh Bureau
  • Featured

Nupur Sharma Row BJP’s Conspiracy: Mamata

7 hours ago Pratirodh Bureau
  • Featured

Climate Change, Poor Planning Behind Assam’s Mounting Flood Ferocity

14 hours ago Pratirodh Bureau
  • Featured

Review: Ghosh Fable Pushes Us To Re-Examine Received Wisdom

14 hours ago Pratirodh Bureau
  • Featured

‘I Hang My Head In Shame’: Kapil Sibal On The State Of Judiciary

1 day ago Pratirodh Bureau

Recent Posts

  • Swamy Death: Elgar Case Accused Activists Go On Fast In Prison
  • Nupur Sharma Row BJP’s Conspiracy: Mamata
  • Climate Change, Poor Planning Behind Assam’s Mounting Flood Ferocity
  • Review: Ghosh Fable Pushes Us To Re-Examine Received Wisdom
  • ‘I Hang My Head In Shame’: Kapil Sibal On The State Of Judiciary
Copyright © All rights reserved. | CoverNews by AF themes.