Reserve Bank of India Says It Has Not Banned Crypto
January 23, 2020
The Reserve Bank of India (RBI) has said that it had not banned cryptocurrencies such as Bitcoin in India, but only ringfenced regulated entities like banks from risks associated with the trading of such virtual instruments.
On January 21, it has been reported by The Economic Times of India that RBI submitted a document to the country’s Supreme Court in September, which said:
“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs”
In an effort of regulation, RBI issued a statement in April 2018, limiting services to anyone participating in crypto-asset usage.
“In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs.”
However, after the RBI’s statement, the Internet and Mobile Association of India (IAMAI), a non-profit group dedicated to digital growth, petitioned for a reversal of the crypto-related regulation, reported in July 2018.
Thus, on January 19, 2020, it has been reported on a recent Indian Supreme Court hearing that the court cited January 21 as the expected date on which RBI will provide further clarity on the situation.
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Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.
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