#CryptoCorner; #Bitcoin Cash (#BCH) Surges, Delhi High Court Challenges Indian Central Bank and #Iran Bans #Crypto
#CryptoCorner; #Bitcoin Cash (#BCH)
Surges, Delhi High Court Challenges Indian Central Bank and #Iran Bans #Crypto
Point Roberts, WA, Delta BC – April 23, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
By Samuel Mowers at Investorideas.com
Bitcoin Cash (BCH)
Surges, Delhi High Court Challenges Indian Central Bank and Iran Bans Crypto
Crypto’s total market
cap is $400 billion USD at press time, which is $80
billion USD, or 25 percent, higher than it was one week ago at $321 billion
USD. Bitcoin (BTC), which accounts for 38 market dominance, is trading at $8900
USD and has grown $1000 USD, or 12 percent, in that same time. The market has
experienced its most significant growth from altcoins such as Bitcoin Cash
(BCH), which started the week trading at $750 USD and at press time is $1400
USD, a growth of 86 percent.
In India, the High Court of Delhi is hearing a case
against the country’s central bank, the Reserve Bank of India (RBI), against
its decision to ban banks from engaging with cryptocurrencies. This follows a petition from Kali Digital Ecosystems, which plans to open a cryptocurrency
exchange called Coin Recoil in August 2018.
A report from the Asia Times quotes a source from Kali Digital Ecosystem’s legal team regarding
their case against the RBI:
“An associate partner from the law firm
representing Ahmedabad-based Kali Digital told the media: “The circular appears
to be arbitrary and unconstitutional since it does not give strong facts as to
why the RBI is against the business of cryptocurrencies. Logical and
well-thought argument backed by solid facts are the primary requirements under
the constitution to put a stop to any business in India.””
The Central Bank of Iran (CBI) has made a similar
move to the RBI with its ban of cryptocurrencies on Sunday. A piece in
Islamic Republic News Agency explained the CBI’s decision was motivated out of
desire to combat money laundering and terrorism:
“According to CBI public relations
department, CBI made the decision by its supreme committee in charge of fight
against money laundering last Iranian calendar year.
Virtual currencies have the option to
be used for money laundering, supporting terrorism, and exchange of sums
between wrongdoers, pointed out the CBI circulation.”
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