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News ID: 21385
Asia » Asia
Publish Date: 11:22 - 07 April 2018
TEHRAN, April 07 -India’s central bank barred banks on Friday from having any links to virtual currency dealers, slashing the prices of bitcoin and other crypto-currencies on local exchanges.

India, Pakistan central banks clamp down on crypto-currenciesTEHRAN, Young Journalists Club (YJC) -India’s central bank barred banks on Friday from having any links to virtual currency dealers, slashing the prices of bitcoin and other crypto-currencies on local exchanges. 

Pakistan’s central bank said in a separate statement late on Friday that crypto-currencies were not legal in the country.

The State Bank of Pakistan told banks and other financial services providers to refuse customers seeking crypto-currency transactions.

It noted that those using crypto-currencies to transfer funds outside Pakistan could be prosecuted.

India’s government and the Reserve Bank of India (RBI) have previously cautioned the public over crypto-currencies, with New Delhi vowing earlier this year to eliminate the use of digital currency, which it considers illegal.

The RBI said on Thursday that entities under its regulation may not deal in any virtual currency.

The price of bitcoin plummeted to a low of 350,000 rupees ($5,392) versus its international market price of $6,617, following the RBI announcement, crypto-currency exchange Coinome said.

Bitcoin was trading before the announcement at a 5 percent premium to the overseas price, said Vishal Gupta, co-founder of the Block Chain and Cryptocurrency Committee, an industry body, noting it is now trading at a significant discount.

Source:Reuters

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