Page 2 - Cyrptocurrencies
With RBI's near-ban announcement, cryptocurrency prices crash sharply
Without saying so categorically, the Reserve Bank of India (RBI) as good as banned crypto currency on Thursday. As a result, prices of bitcoin and other crypto currencies on Indian exchanges have crashed. Bitcoin was trading at $6,950 in the international market just before the RBI announcement; at the time in India on Zebpay, a leading crypto exchange, it was quoting at Rs 500,000, a premium of almost eight per cent. By 9.30 pm local time, the global price ws $6,775 or Rs 440,000; however, on Zebpay, the price quote was Rs 351,000, an almost 20 per cent discount. In line with bitcoin, the price of around 10 other crypto currencies has also fallen. Sources explained that trading in other cryptos was allowed recently; that in bitcoin was on for years; hence, many investors were making distress sales. All other currencies -- Ether, Ripple, Litecoin, etc -- were quoting at similar discounts. Vaibhav Parikh, partner at Nishith Desai Associates, said: "This move of RBI will force banks to .
 "With RBI's near-ban announcement, cryptocurrency prices crash sharply")
The bitcoin dilemma
There are broadly two types of currencies in this world; fiat currencies and alternative currencies
