The Reserve Bank of India (RBI) has decided to remove a 2018 rule which ceases bank from cryptocurrency trading in India. It comes as a great relief for those facing kicked from traditional lenders needed to help settle these deals.
RBI on 31st May 2021, told banks not to cite a 2018 central bank circular as a reason to hinder crypto trades. The 2018 note had forbid banks from facilitating such transactions, but has since been struck down by the Supreme Court. Banks must continue with other routine due diligence measure on the deals, the RBI said.
However, the RBI’s broader concerns and banks worries about laundering should help to spur regulations and make the industry safer and stronger, said Summit Gupta, CEO and Co-founder of crypto exchange Coin DCX.