RATE Group | RBI Confirms No Ban on Cryptocurrency Exchanges, Businesses or Traders in India
89240
post-template-default,single,single-post,postid-89240,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

RBI Confirms No Ban on Cryptocurrency Exchanges, Businesses or Traders in India

26 May RBI Confirms No Ban on Cryptocurrency Exchanges, Businesses or Traders in India

Posted at 10:30h in Cryptocurrency News by

RBI Confirms No Ban on Cryptocurrency Exchanges, Businesses or Traders

India’s central bank, the Reserve Bank of India (RBI), has confirmed that there is no longer any banking ban on crypto exchanges, companies, or traders. This follows the supreme court decision to quash the RBI circular prohibiting banks from providing services to any customers dealing in cryptocurrencies. The ban lasted for almost two years.

RBI Finally Confirms No Banking Ban

The Reserve Bank of India has confirmed in response to a Right to Information (RTI) request that there is currently no banking ban on the crypto industry.

The RTI query was filed on April 25 by B.V. Harish, co-founder of Unocoin, a major Indian cryptocurrency exchange. He asked whether the RBI has “prohibited any banks from providing the bank accounts for crypto exchanges, companies or crypto traders.” The RBI replied on May 22:

As on date, no such prohibition exists.

RBI Confirms No Ban on Cryptocurrency Exchanges, Businesses or Traders
Part of the RBI’s reply to the RTI query filed by Unocoin co-founder B.V. Harish. Image courtesy of B.V. Harish.

After several hearings, the…

Source link

Tags:
, , , , , , ,