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Reserve Bank of India slams banks after they stop services for crypto users

The Reserve Bank of India, the country’s central bank, released a new directive today after local banks ceased crypto services for users citing a directive from 2018, an official filing shows.
“It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular dated April 06, 2018,” the bank stated.

Customer Due Diligence for transactions in Virtual Currencies (VC) https://t.co/iAUAx8KpRh
— ReserveBankOfIndia (@RBI) May 31, 2021

Not in effect
It added that such references to the above circular by banks/ regulated entities were “not in order” after the circular was set aside by the Hon’ble Supreme Court on March 04, 2020.
India has a rather shaky relationship with cryptocurrencies, primarily due to the way its financial structure is governed. The country’s Financial ministry, which oversees all financial innovation in the country, is suggestively more crypto-friendly than the RBI, which controls how the rupee is issued and circulated and views cryptocurrencies as a ‘threat.’

Historic Moment for crypto community in India
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