“We have already issued a circular prohibiting use of these virtual currencies”, senior advocate Shyam Divan who appeared for the RBI told a bench of chief justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud on Friday....
Bitcoin is a digital currency that allows people to buy goods and services and exchange money without involving banks, credit card issuers or other third parties. “It is submitted that money used to buy Bitcoin (crypto money) from foreign locations is completely untraceable and may be used for trading and various other financial activities directly from crypto currency accounts without any accountability. It is pertinent to mention herein that such trades affect the market value of other commodities inevitably.