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Bitcoin Flat as Indian Court Tells Government to Submit Crypto Report

Investing.com – Cryptocurrency prices were flat on Friday as a court in India gave the government two weeks to submit a crypto report.

Bitcoin inched down 0.10% to $6,518.20 on the Bitfinex exchange, as of 9:02 AM ET (13:02 GMT).

Cryptocurrencies overall were flat with the total coin market capitalization at $209 billion at the time of writing. Ethereum,or Ether, increased 0.23% to $205.11 and Litecoin was at $52.747, down 0.05% while XRP rose 0.27% to $0.46397.

India’s supreme court gave the government two week to submit a report in a case against the digital currency banking ban by the Reserve Bank of India.

The supreme court has repeatedly asked the government to report on the findings from a committee it had set up to understand the alternative currency space and recommend regulatory measures.

“The matter came up for hearing today briefly. So some progress in the case finally,” Nischal Shetty, the CEO of Indian crypto exchange Wazirx, told Bitcoin.com.

“The government of India had set up a crypto committee previously to understand this space. The supreme court has asked the government to submit the committee report,” he added.

The head of the committee had previously said the report would be published in September but it could take until the end of the year to finalize them.

The next motion hearing on the matter will be held on Nov. 20, according to a Supreme Court update.

The central bank ban on crypto banking has caused major issues for digital exchanges in the country, which have been struggling to continue doing business.

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