Indian Central Bank Reaffirms Anti-Crypto Stance

Indian Central Bank Reaffirms Anti-Crypto Stance


Key Takeaways

Share this article

The Governor of the Reserve Bank of India has clarified the bank’s aversions to cryptocurrencies. 

Indian Central Bank Still Anti-Crypto 

India’s central bank is still taking a firm stance against cryptocurrencies.

The Governor of the Reserve Bank of India (RBI), Shaktikanta Das, clarified in an online press conference that there is “no change in RBI’s position.”

He also said that the central bank has “major concerns around cryptocurrencies.”

India is among the world’s least crypto-friendly countries. The Indian government has been deliberating on passing a crypto law since 2018. 

Last month, three of India’s top banks (SBI, HDFC, and Axis Bank) closed the accounts of crypto businesses and issued warning letters to individual investors. The reason cited in the letters was RBI’s 2018 circular. 

The central bank then published a statement on May 31, clarifying that their circular became invalid after the court order. HDFC has reportedly backtracked on its warning letter. A note appeared to ask customers to “ignore” it and “regretted the inconvenience caused.”

In today’s press conference, Sun also added that reports of banks using its 2018 ban circular had come as a “surprise.” He also confirmed that no there are no restrictions on crypto transactions. Earlier this week, the RBI clarified its cryptocurrency policy, adding that the 2018 guidelines are no longer valid.

The circular introduced a ban on banking services to crypto businesses and was lifted by the country’s apex court in March last year. Since then, neither the government nor any other state agency has passed a formal order on the matter. 

The latest legislative bill for cryptocurrency regulation proposes a plan to “prohibit all private cryptocurrencies” with some exception. It also proposes the launch of a central bank digital currency. The details of the bill are not yet disclosed and are open for parliamentary discussion. The bill is likely to be introduced this July.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Indian Lawmakers Introduce New Bill to Ban “Private Cryptocurren…

The Indian government announced a new proposal that would seek to “ban all private cryptocurrencies” in place of an official central bank digital currency (CBDC). India Seeks Crypto Ban, Again …

India Says Banks Cannot Restrict Crypto Transactions

India’s central bank, the Reserve Bank of India (RBI), has resolved confusion around a letter that was sent to bank account holders. Indian Central Bank Clarifies Policy On Friday, two…

What is Polygon (MATIC): Ethereum’s Internet of Blockchains

In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

7 Million Crypto Holders in India Fear Blanket Bitcoin Ban

Indian is moving to ban all cryptocurrencies despite the lack of backing from India’s Reserve Bank, according to recent reports.  Indian Law May End Crypto Business, Again On Jan 30.,…


Source link

Latest Crypto News

Popular Links

Notify of
Inline Feedbacks
View all comments