In April last year, RBI had issued circular banning banks from providing services to crypto businesses. However, some exchanges have found a new way around the banking problem by launching exchange-escrowed peer-to-peer services.

Nasscom president Debjani Ghosh asked players to obey the law and seek clarification from the government if they are unhappy with it.

The industry is excited about blockchain technology but understands that it will need a lot more p2P consensus to make it feasible.

The Supreme Court is currently hearing a case between virtual money exchanges and the RBI, and the next hearing on the matter is scheduled for September 17.

Banga refers to the indictment of 12 Russian intelligence officers in the hacking of the DNC and for interfering in the US elections, saying the FBI had disclosed the Russian agents handled the most delicate transactions using Bitcoin.

Back in April, the RBI instructed all entities it regulates to stop dealing with cryptocurrencies, like Bitcoin, in three months. This prevented investors from buying crypto currencies in exchange of rupee. The RBI ban came into effect from July 5.

All the banks and financial entities after tomorrow will stop operating accounts that are in any way linked to virtual currency trade. So, if you are still invested in Bitcoin or any other cryptocurrencies, it's time to think about the options in front of you.

The apex bank had in April directed all the banks to stop dealing with individuals and businesses dabbling in virtual currencies in next three months - the deadline ends on July 5.

Technology startups in the blockchain space around the world have raised funds by selling cryptocurrencies, or tokens directly to investors in initial coin offerings (ICOs), bypassing banks or venture capital firms as intermediaries.

Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies.

Kavita Gupta spent just 40 days at her home in the US last year. For the remaining part of the year, she was travelling different parts of the world searching for promising companies in the blockchain space.

Raj Kundra was summoned at the ED office in Mumbai and was asked questions about his involvement in a cryptocurrency trade - which is illegal in India.