Offers 30% discount on crude oil purchases made in Petro
The report comes amid a tightening of norms surrounding the cryptocurrencies in India
For entities which are already providing such services, three months time has been given to them to cease such activity, the plea said
Move follows Ahmedabad-based CoinRecoil's writ petition in Delhi HC challenging the RBI notification barring banks from extending services to crypto exchanges
China, a major market, has shut down local cryptocurrency trading exchanges
The price retreat comes as regulators adopt an increasingly skeptical stance towards the digital money
RBI directive proved opportune for a lot of traders who used dip in bitcoin and other virtual currency prices to their advantage by buying even more and holding it in their private wallets rather
Firm ropes in US-based blockchain investigative firm Chainalysis to track the movement
The industry stakeholders also rued the fact that they were not consulted before RBI took its decision
Instead of emulating China, the RBI could have looked at Japan, Germany, Korea, Australia and Singapore
Some of the biggest heists that have happened around the world are in many multiples of Coinsecure's losses