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Government has reiterated that such kind of virtual currencies will not be considered legal tender in India
Today's collapse was fuelled by a flood of speculators looking to make a quick buck
Government has not yet imposed curbs on the cryptocurrency industry that is estimated to be adding 200,000 users in India every month
The decision on whether to allow credit card users to buy cryptocurrencies is a credit risk decision made by the card-issuing banks, a spokesman for Mastercard said
Other cryptocurrencies also suffered double-digit declines in their prices on Monday, according to industry tracker Coinmarketcap.com
After launching a campaign last year, authorities eliminated most cryptocurrency trading in the country
The price of Bitcoin on the Luxembourg-based Bitstamp exchange has now fallen by more than half from a peak of almost $20,000 hit in December
The Indian government has formed a committee to suggest a framework for regulating these virtual currencies and to understand their current structure and legal implications
The industry's increasing enthusiasm for finding clean power comes at a time when renewable energy has become a staple in utility grids around the world as the technology improved and costs fell