May 14, 2021 03:36 PM
Rethinking Crypto Relationships; It seems that the Reserve Bank of India (RBI) has instructed banks to reconsider their relationship with cryptocurrency exchanges and traders. It is well known that India is making laws to ban cryptocurrencies.
It is learned that at such a juncture such guidelines were unofficially received from RBI to banks. According to sources, the RBI has unofficially told banks to suspend ties with cryptocurrency exchanges and traders, despite the Supreme Court order directing banks to work with the cryptocurrency industry. There has been no response from the RBI on the matter so far.
Although it is learned that ICICI Bank has already decided to discontinue cryptocurrency based payment transactions. Axis Bank and Kotak Mahindra Bank are also planning to restrict cryptocurrency related transactions, the sources said.
Bitcoin for $ 45,700:
The value of Bitcoin fell 17% to just under $ 50,000 with a single tweet from Tesla chief Elon Musk. The value of bitcoin, the world’s largest cryptocurrency, fell from $ 54,819 to $ 45,700 on Thursday morning when ElanMosk tweeted that the company would no longer allow bitcoins to buy vehicles. This is the lowest level for Bitcoin since March 1.
Within two hours of Elonmusk tweeting, it had dropped to this level. “We are concerned about the use of fossil fuels, especially coal, which emits the highest emissions, for bitcoin transactions,” Musk tweeted. He explained that while cryptocurrency is a good idea in many respects it is not a good idea to become a threat to the environment.
Rethinking Crypto Relationships, Earlier this year, Tesla bought bitcoins with an investment of $ 1.5 billion, stating that buyers of their cars could pay in bitcoins. As a result, the value of cryptocurrency has accelerated.