Bitcoin and Altcoins Not Banned in India, RBI Says

  • India is not banning cryptocurrencies
  • RBI provides clarification regarding its RBI’s 2018 order

Bitcoin and other cryptocurrencies are not banned in the country of India. This announcement was made clear by the Reserve Bank of India (RBI) recently. Specifically, the RBI states the financial institution must not use the RBI’s 2018 order to halt crypto bank transactions. As a result, the crypto community in the country rejoices as they welcome this piece of great news.

RBI explains:

“It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018.”

RBI further added that the Supreme Court of India has already set aside the RBI 2018 order last year. Therefore it cannot be used by banks. “ Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India),” RBI stated.

Meanwhile, this news spread like a wildfire in the country of India. For this reason, crypto exchanges such as WazirX cannot help but react to this great news. “This document is a ray of hope for the Indian crypto ecosystem. We really appreciate the Reserve Bank of India’s clarification on this. We hope that this circular encourages banks to update their compliance teams and provide banking access to Indian crypto exchanges,” Nischal Shetty – CEO and Founder WazirX.

Moreover, the country of India has been known for turning down cryptocurrencies many times before. Let us hope this positive news continues for this will benefit many people in India.

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