RATE Group | cryptocurrency trade: Direct banks to allow cryptocurrency trade: Firms to RBI
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cryptocurrency trade: Direct banks to allow cryptocurrency trade: Firms to RBI

15 Mar cryptocurrency trade: Direct banks to allow cryptocurrency trade: Firms to RBI

Posted at 06:33h in Cryptocurrency News by

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Mumbai: Fintech Lawyers, a law firm that represents cryptocurrency traders, has asked the government and the Reserve Bank of India (RBI) to direct banks to allow transactions in cryptocurrencies.

The request comes in the wake of the recent Supreme Court order that struck down the central bank’s April 2018 circular that disallowed banks and regulated entities from facilitating trade in cryptocurrencies.

“Ïn most of the cases the banks have not given any written communication but verbally informed their customers that they are waiting for RBI notification in this regard,” Mohammed Danish of Fintech Lawyers said in a letter to the Union finance secretary and the RBI. Mails to RBI for comment remained unanswered.

Sathvik Vishwanath, cofounder of Unocoin said, “ I don’t think RBI is instructing the banks to support the crypto industry. They are not obligated to do so as per the Supreme Court verdict.”

Bankers on conditions that they not be named told ET that lenders would…

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