Even as the Reserve Bank of India (RBI)’s circular banning banks from extending banking solutions to cryptocurrency entities came into effect on July 5, Bitcoin registered a spike this week and is currently trading at $6.7K. Meanwhile, Malta and Abu Dhabi confirmed that they would be introducing legislation on cryptocurrency.
With the Supreme Court of India refusing to grant an interim stay on the RBI circular, most cryptocurrency exchanges operating in India have launched crypto-to-crypto trading services.
Meanwhile, the Gujarat Bitcoin scam just got bigger. The Indian National Congress, the opposition party at the Centre as well as in Gujarat, has now claimed in a press conference that a leader from the ruling party BJP (both in Gujarat as well as at the Centre) is involved in a Bitcoin scam worth $726 Mn.
Let’s take a look at this week’s developments!
Supreme Court Refuses To Grant Interim Relief On RBI Circular On Cryptocurrency
The Supreme Court (SC) of India refused to grant a temporary stay on the RBI’s banking restriction on cryptocurrencies.
After the SC had earlier ordered that all cryptocurrency-related cases be clubbed together and fixed July 20, 2018 as the date for the next hearing, the Internet and Mobile Association of India (IAMAI) had requested that the hearing be brought forward as the RBI’s circular dated April 6 was set to come into effect from July 5.