India s central bank is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry, three sources told Reuters The guidance comes as India is crafting a law to ban cryptocurrencies and penalise anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the Covid-19 crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors confusion. The Reserve Bank of India (RBI) in 2018 had forbidden banks from dealing in all transactions related to bitcoin and other such assets. That diktat was challenged by the crypto exchanges and in March 2020, India s top court overturned the RBI ban and allowed lenders to extend banking facilities to them.
Bitcoin pares losses after tumbling on Elon Musk’s price remarks
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It’s widely believed that volatile weekend swings are driven by individuals trading the cryptocurrency at home.
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. Updated: 22 Feb 2021, 09:49 PM IST Bloomberg
The world’s largest cryptocurrency has been on a tear this month, propelled by purchases from Musk’s Tesla Inc. and institutional investors who say Bitcoin is an attractive alternative to gold and the dollar
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Elon Musk’s embrace of Bitcoin earlier this month week rocketed the cryptocurrency almost 50% higher to more than $58,000. His cold shoulder this weekend whipsawed the largest digital asset.