Reserve Bank of India has denied the ban on Crypto transactions
Reserve Bank of India has denied the ban on crypto transactions
The regulator clarified that banks and other financial institutions are not allowed to advise clients not to conduct transactions with digital coins.
The Reserve Bank of India has issued a clarification that cryptocurrency transactions are not prohibited in the country, so banks and other financial institutions are not allowed to warn customers against digital coin transactions.
The regulator noted that some financial institutions did this, referring to the agency’s circular from 2018. The Reserve Bank of India recalled that the aforementioned circular was canceled by the Supreme Court of India back in March 2020.
A recent report from The Economic Times says that the Indian government may soon form a new expert group to study the possibility of regulating cryptocurrencies. According to the publication, officials believe that the recommendations of the committee, led by former financial secretary Subhash Garg in 2019, on a complete ban on cryptocurrencies are outdated.
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