The Reserve Bank of India (RBI) has announced that banks cannot close their customers’ accounts for dealing with cryptocurrencies.
The Reserve Bank of India has clarified its stance on cryptocurrencies, claiming that there are no bans on banking services for accounts dealing with cryptocurrencies. It also allowed banking institutions to conduct due diligence processes for customers involved in digital assets:
In the past weeks, major banks such as HDFC Bank and SBI Card have formally warned their customers not to make cryptocurrency transactions, citing the RBI’s 2018 circular. But the central bank points out that the circular is no longer valid:
A recent report from The Economic Times stated that the Indian government will reconsider its brutal plan to ban the holding, trading and mining of cryptocurrencies.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.