#Bitcoin Cash (BCH) Surges, Delhi High Court Challenges Indian Central Bank and Iran Bans Crypto
Crypto's total market cap is $400 billion USD at press time, which is $80 billion USD, or 25 percent, higher than it was one week ago at $321 billion USD. Bitcoin (BTC), which accounts for 38 market dominance, is trading at $8900 USD and has grown $1000 USD, or 12 percent, in that same time. The market has experienced its most significant growth from altcoins such as Bitcoin Cash (BCH), which started the week trading at $750 USD and at press time is $1400 USD, a growth of 86 percent.
In India, the High Court of Delhi is hearing a case against the country's central bank, the Reserve Bank of India (RBI), against its decision to ban banks from engaging with cryptocurrencies. This follows a petition from Kali Digital Ecosystems, which plans to open a cryptocurrency exchange called Coin Recoil in August 2018.
A report from the Asia Times quotes a source from Kali Digital Ecosystem's legal team regarding their case against the RBI:
"An associate partner from the law firm representing Ahmedabad-based Kali Digital told the media: "The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why the RBI is against the business of cryptocurrencies. Logical and well-thought argument backed by solid facts are the primary requirements under the constitution to put a stop to any business in India."
The Central Bank of Iran (CBI) has made a similar move to the RBI with its ban of cryptocurrencies on Sunday. A piece in Islamic Republic News Agency explained the CBI's decision was motivated out of desire to combat money laundering and terrorism:
"According to CBI public relations department, CBI made the decision by its supreme committee in charge of fight against money laundering last Iranian calendar year.
Virtual currencies have the option to be used for money laundering, supporting terrorism, and exchange of sums between wrongdoers, pointed out the CBI circulation."
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