Virtual Currencies

SC upholds RBI circular prohibiting banks and financial institutions from providing services in cryptocurrencies

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

RBI asks banks to stop services to those dealing in virtual currencies like bitcoins

RBI said it has repeatedly cautioned users, holders and traders of VCs, including bitcoins, regarding various risks associated in dealing with such virtual currencies

Traders are exchanging digital currencies such as bitcoin and ether over Skype to avoid online exchanges

Some 20 traders and clients have around 5 years spawned an OTC market moving hundreds of millions of dollars of cryptocurrencies daily, mostly via online messaging.

HDFC Bank bans the purchase of Bitcoins, cryptocurrencies and virtual currencies through its credit, debit and prepaid cards

Before HDFC, Citi Bank had banned its customers from buying cryptocurrencies using credit and debit cards in mid-February.

Moneycontrol becomes India’s first financial platform to launch a dedicated section on cryptocurrency

The independent section on Cryptocurrency, which can be accessed via the Moneycontrol website and app.

Bitcoin rally: Income tax notices slapped on 4-5 lakh wealthy investors, evaders will have to pay capital gains tax

The trigger for the action is understood to be the huge spike being registered in the value of bitcoins and other virtual currencies in the recent past.

Bitcoin rally: Sebi to crack down on illicit coin offers, ponzi schemes but not to take on regulator mantle

Sebi is not keen to take on the mantle of a regulator for such 'trading' -- currently being offered on a number of so-called exchanges despite there being no rules in this regard -- as the underlying product

Bitcoin rally: Income tax sleuths conduct surveys on 9 major exchanges, detect HNI entries

Sleuths detected a number of high net worth individuals (HNIs) and customer IDs in these databases and prima facie about 20-25 lakh such entities have been traced.

Cryptocurrency mining marketplace NiceHash's Bitcoin wallet hacked, resulting in a loss of over $60 million

Bitcoin is created through a complex computer process known as mining and then monitored by a network of computers across the world.

Bitcoin rally: RBI again warns users of risks, says huge recent volatility increases possibility of losses

Exchange platforms on which the Bitcoins are traded are set up in various jurisdictions whose legal status is also unclear.