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Cryptocurrency ban: Bitcoin and other digital tenders turn invalid as RBI deadline ends today

Three months ago, the apex bank had issued orders to the banks to end relations with the companies that dealt in cryptocurrency.

New Delhi: The deadline issued by RBI for banks to dissociate with entities that deal with cryptocurrencies finally ended on Thursday.

Earlier, three months ago, the apex bank had issued orders to the banks to end relations with the cryptocurrency-driven companies.

On April 6, the central bank had released a circular setting the deadline which was eventually challenged in the Delhi High Court.

While the High Court refused to grant an injunction, the Supreme Court also declined to issue a stay order on the RBI guideline on July 3.

The matter is still pending before the Supreme Court, which is set to hear the matter on July 20.

Ever since the ban was imposed, there were speculations that the cryptocurrency market will survive the RBI ban.

Even prior to the April 6 circular, the Reserve Bank of India (RBI), had, cautioned the cryptocurrency users, traders and holders of digital currencies.

The first RBI warning was sent in December 2013, the second in February 2017 while the last one in December 2017.

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