Bitcoin trading ban: Another company moves Delhi HC against RBI circular

A company engaged in trading in crypto-currencies has challenged an RBI circular, prohibiting banks and financial institutions from providing services in relation to such virtual currencies, in the Delhi High Court.

The plea was yesterday listed for hearing before Justice Rajiv Shakdher, who asked the high court registry to place it before the bench which is already hearing a similar matter.

The petitioner company, Flintstone Technologies Private Limited, has sought the withdrawal of the April 6 circular of the Reserve Bank of India (RBI), claiming that it is "arbitrary, unfair and unconstitutional".

The Maharashtra-based company has contended that the RBI circular has "fenced" all the entities regulated by the apex bank from providing services to any individual or business dealing in virtual currencies like crypto-currencies.

The company, which claims to provide an online crypto-currency digital wallet service for Bitcoin and Money trade coin -- both virtual currencies -- has contended that the RBI has not spelt out any reasons for imposing the restrictions.

After Monday's drop, Wall Street extends losses as bond yields creep up

US stocks markets took another beating in early Thursday trade as a rise in bond yields and higher inflation continued to unnerve investors following a historic drop on Monday.
The 10-year US Treasury yield crept back to a high of 2.884 per cent, near Monday's four-year peak of 2.885 per cent.

The market's main gauge of volatility, the CBOE Volatility Index, fell to 27.06 on Thursday, still more than twice the level it held over the past few months. The index hit its highest level since August 2015 on Tuesday.

"Volatility has eased but by no means is it low. It is still far above the long-term average and unease about higher interest rates remain," said Randy Frederick, vice president of trading and derivatives for Charles Schwab.