The RBI has for long maintained its strong views against cryptocurrencies, saying they pose serious threats to macroeconomic and financial stability.
India has the highest number of cryptocurrency holders in the world at 10.07 crore, according to broker discovery and comparison platform BrokerChooser.
Over the past few years, retail and institutional investors are willing to invest in cryptocurrency for both - long-term and short-term - profits. However, investing in the crypto market comes with its own share of risks and challenges.
Starting today, Sept. 7, all businesses will have to accept payments in Bitcoin, except those lacking the technology to do so.
At the event, one of the attendees interrupted the discussion at one point, seemingly accusing Dorsey of undue censorship of free speech through Twitter.
The Coincheck exchange said on its website that it had halted sales and withdrawals of a cryptocurrency called NEM.
While a repeated message was being given that such currencies were not legal tender, more detailed steps would be taken once the report of the committee is submitted, he said.
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