Cryptocurrency Not Banned in India, According to RBI

Over the course of the past half-decade or so, the cryptocurrency space has grown at a breakneck pace, and it is believed that it is going to keep expanding in the years to come. However, in this regard, it is also important to note that it has thrived because many nations have not outlawed crypto tokens.

In this regard, India, one of the world’s biggest economies, cleared the air about its stance on cryptocurrencies. The central bank of the country, the Reserve Bank of India, stated that despite reports to the contrary, cryptocurrencies are not banned in the country.

Key Details

The RBI stated that it has not technically banned cryptocurrencies but instead created ring-fence regulations by way of which the country’s banks and other financial entities are protected from risks related to these assets. The Indian central bank has also asked the banks in the country not to deal with cryptocurrencies. On top of that, cryptocurrency exchanges in India have also been starved of…