BT Podcast: RBI bans banks from dealing in virtual currencies : Bulletin: Business Today
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BT Podcast: RBI bans banks from dealing in virtual currencies

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April 6, 2018

RBI cracks down on Bitcoin, bans banks from dealing with cryptocurrency traders
The Reserve Bank of India (RBI) has released a statement directing all regulated entities, including banks, to stop dealing with individuals and businesses dabbling in virtual currencies. This amounts to a ban on banks in dealing with companies or individuals that trade in cryptocurrencies. The RBI also said that it will soon issue a separate circular on this matter. By its own admission, this move is an attempt to ring-fence regulated entities from the risks associated with cryptocurrencies.

RBI circular on data storage to hit foreign payments firms
Payment companies of all types, operating in India, will now have to locate their servers within the country. The Reserve Bank of India, India's central bank, wants such companies to be compliant within six months. The reason: better supervision. The development would impact every company dealing in payments data - from fintech firms that offer peer-to-peer money transfers and international transactions to gateway operators.  WhatsApp, for instance,  or any global company that maintains its servers outside India.

Relief for Reliance Communications: SC allows partial sale of RCom's assets
In a huge relief for debt-ridden Reliance Communications and its lenders, the Supreme Court on Thursday allowed the Anil Ambani-led firm to sell assets such as spectrum, fibre, real estate to Reliance Jio. The Supreme Court was hearing a petition by State Bank of India (SBI)-led lenders and RCom. The apex court said that RCom's secured creditors can go ahead with asset sales.

Bitcoin guru arrested for bitcoin-based ponzi schemes
Touted as a cryptocurrency guru in India, businessman and bitcoin entrepreneur Amit Bhardwaj has been arrested for allegedly scamming investors out of Rs 2,000 crore in Maharashtra alone. One of the biggest Indian names in the digital-currency market, Bhardwaj, ran a slew of ventures, including GainBitcoin, GBMiners, MCAP and GB21.

Salman Khan jailed: Fate of Rs 500 crore projects hangs in the balance
While Bollywood superstar Salman Khan was convicted in the 1998 blackbuck poaching case yesterday and has been sentenced to five years in jail, we cannot stop worrying about the fate of his forthcoming projects, some of which are already on the floors. Salman delivered a flop and a superhit last year and his fans worldwide are looking forward to his upcoming releases. But now we wonder what the fate of the movies will be starring the convicted actor! Salman's upcoming movies and TV shows include Race 3, Bharat, Dabangg 3, and Kick 2. Salman was supposed to mark his return as the star anchor with the third season of Dus Ka Dum, the TV show on Sony.

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