The deadline for those using Bitcoins for transactions, set by Reserve Bank of India (RBI), has ended at midnight last night. Use of the cryptocurrency is banned in India from today. RBI had instructed users to encash their bitcoins, which they have deposited in some banks. Banks have also been instructed not to accept any bitcoins as deposits. Despite all these regulations, bitcoins are still being used in some transactions, it is said. Bitcoin is currency saved in the digital format and used only in online transactions, without the interference of any regulatory bodies.
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