BITCOIN PLUMMETS

Bitcoin plummets 7% to a fresh 2 1/2 month low.

Banks in Britain, the US ban use of credit cards to buy cryptocurrencies.

LONDON/NEW DELHI:

Bitcoin, the world's best known cryptocurrency, fell 7% on Monday to a fresh two-and-a-half-month  low of $7,599 on the back of-

Growing worries about a regulatory clampdown and bans on the purchase of digital coins.

Bitcoin, which staged a spectacular rise in value, reaching a peak of $19,187 on December 16 on the  Luxembourg -based  Bitstamp exchange.

But the biggest and best-known cryptocurrency has since fallen dramatically and on Monday was down 6% to $7,700 at 11:00 GMT on Bitstamp.

Banks in Britain and the United States have banned the use of  credit cards to buy Bitcoin and other cryptocurrencies, fearing a plunge in their value will leave customers unable to repay their debts.

Also, India's measures against cryptocurrencies has also taken off.

India is planning and taking steps ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee  unregulated exchanges that trade in  ''crypto assets'', a finance ministry official said.

A panel constituted by the  government to look into issues relating to cryptocurrencies is expected to submit its report in the current fiscal year ending March 31, SC Garg, Economic Affairs Secretary, told CNBC TV18 news channel.

''The government will take steps to make it illegal as a payment system,'' he said at a post-budget  event telecast by the news channel, adding the trading of  ''crypto assets'' at the unregulated exchanges would be regulated.

[Reuters].