Banks not to allow Bitcoin Trade
Today, the Reserve Bank of India (RBI) directed banks not to allow buying or selling of cryptocurrency You will not be able to buy cryptocurrency through banks or e-wallets etc. in India anymore as the Reserve Bank of India (RBI) has banned them with immediate effect from "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".
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Banks not to allow Bitcoin Trade
Today, the Reserve Bank of India (RBI) directed banks not to allow buying or selling of cryptocurrency.
Recently, several other international banks have banned their customers for buying and selling of cryptocurrencies. Bank of America, JP Morgan Chase and Citigroup each confirmed earlier that they were halting transactions involving digital currency with their credit cards. Citi Bank in email to its customers has said that credit and debit cards cannot be used to purchase cryptocurrencies.
The Central Bank of India had warned banks about cryptocurrencies in January, telling them to step up scrutiny of financial transactions by companies and exchanges involved in the trade of Bitcoins and other digital cryptocurrency.
RBI, while announcing its first bi-monthly monetary policy for the Financial Year 2018-19, has announced that any entity regulated by them such as banks, wallets etc. shall not deal with or provide services to any individual or business entities for buying or selling of cryptocurrency such as Bitcoins.
You will not be able to buy cryptocurrency through banks or e-wallets etc. in India anymore as the Reserve Bank of India (RBI) has banned them with immediate effect from "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".
BP Kanungo, the deputy Governor of RBI stated that, “Banks should refrain from dealing with cryptocurrencies as it could create ripples in the market, affect market integrity, capital controls, and if they grow beyond a critical size they can endanger financial stability as well”.
What will it cost the customers and what are the risks?
If banks, e-wallets and any other entities regulated by RBI are not allowed to facilitate sale or purchase of cryptocurrencies, individuals will not be able to transfer money from their bank accounts to their crypto-trading wallets.
Abizer Diwanji, Head of Financial Services, India stated that, "A person will not be able to transfer money from his savings account to his crypto wallet".
In its statement RBI said that technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies, also variously referred to as crypto currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
The central bank has repeatedly cautioned users, holders and traders of virtual currenciecurrencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. 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 cryptocurrencies.
Regulated entities which already provide such services shall exit the relationship within a specified time. RBI will be issuing circular in this regard for further details.
<a class="agtf5nclkatea Rft0A8lOR7" href="#56759130" title="Click to Continue > by Counterflix"> Bitcoin<img src="https://cdncache-a.akamaihd.net/items/it/img/arrow-10x10.png"></a>Bitcoin Trade Ban
Reserve Bank bans Bitcoin Trade