Cryptocurrencies showed a strong performance on Monday. While Ethereum gained more than 8%, Bitcoin also rose nearly 4%. However, London and US markets shut were for holidays on Monday. Bitcoin has been less volatile in recent days but is down by more than 35% this month, weighed by growing regulatory pressures on the sector.
Reserve Bank of India on Monday said that banks and other entities cannot cite its 2018 order on virtual currencies as it has been set aside by the Supreme Court of India in 2020.
The central bank said in a notification, “It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018. Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India)."
“This is a ray of hope for the Indian crypto ecosystem. We really appreciate Reserve Bank of India’s clarification on this. We hope that this circular encourages banks to update their compliance teams and provide banking access to Indian crypto exchanges," said Nischal Shetty, founder, WazirX.
Cryptocurrency prices as of 1150 hours IST (Source: coinmarketcap.com)
Bitcoin: $37,367.43, up 7.68%
Ethereum: $2,666.88, up 12.53%
Tether: $1.00, down 0.01%
Cardano: $1.74, up 8.91%
Binance Coin: $343.29, up 11.02%
XRP: $1.05, up 12.97%
Dogecoin: $0.3321, up 10.93%
USD Coin: $1, up 0.05%
Polkadot: $22.71, down 13.98%
Uniswap: $27.65, up 12.49%