Indian banks blocked 500+ Indian customers from depositing their coins in exchanges, citing the country’s anti-crypto legislation as the reason behind the decision. However, the RBI governor, Mr. Urjit Patel, was surprised to hear the banks cited the country’s 2018 Crypto Regulation Bill as the reason for the decision.
RBI Governor Shaktikanta Das has surprised many Indians with his recent comments about cryptocurrencies. He said that digital currency users don’t fall under the purview of the country’s existing anti-money laundering laws. This belief has led to a lot of questions being asked about how the central bank plans to deal with this issue. Das has now clarified that the central bank is looking at ways to address concerns.
Finally, the “Scam-free” crypto guide you’ve been looking for!. Read more about india to ban trade in cryptocurrency and let us know what you think.Reserve Bank of India (RBI) Governor Shaktikanta Das said this week that the central bank has not changed its approach to the cryptocurrency sector, local publication Business Standard reported today.
Das said he was surprised that local banks invoked the 2018 (invalid) circular to deny service to businesses and users of cryptocurrencies. The circular was overturned in mid-2020 by the Supreme Court, the highest court in the country. But all is not well. However, the bank is still very concerned about how cryptocurrencies will be integrated into the broader financial system. The RBI’s stance on cryptocurrencies has not changed. We have serious concerns about cryptocurrencies and this has been brought to the government’s attention. Every investor should approach their investments with caution and care, Das said. He added the comments made by the RBI earlier in the week. These references to the above circular by banks, regulated entities are not legitimate as the circular was issued by the Supreme Court on 04.04. The March 2020 date has been dropped, he said, adding: As a result of a judgment of the Supreme Court, the Circular loses its validity on the date of the judgment of the Supreme Court and therefore cannot be cited.
Action before an apology
The comments come days after the RBI severely criticised banks in India. It has come to our notice that some banks/regulated entities have informed their customers with reference to an RBI circular dated 06. April 2018 have warned against trading in virtual currencies, the bank had said then. The announcement itself came after banks like HDFC, SBI and others sent instructions to customers and cryptocurrency companies not to support transactions with cryptocurrency companies like exchanges or wallets. The banks have since changed their stance, as the following tweet shows. HDFC Bank cites cancelled RBI circular to warn crypto actors of restrictions. #cryptocurrency #bitcoin #Supreme Court https://t.co/LMuyNNsnuK – Crypto Vakil (@CryptoVakil) May 31, 2021 In an email sent to customers earlier this week, HDFC asked them to ignore the earlier message. So much for the institutional takeover.
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The Reserve Bank of India (RBI) has a clear stance against the cryptocurrency. Curiously, Indian banks have cited the Reserve Bank of India’s (RBI) stance as the reason why they are blocking customers from using crypto wallets. The banks have cited the Banking Regulation Act, 2017 (BR Act) and the Prevention of Money Laundering Act (PMLA) as the reason for blocking the use of crypto wallets.. Read more about supreme court rbi cryptocurrency and let us know what you think.
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