Reserve Bank of India reiterates clearly that there is no ban on cryptocurrency

The Reserve Bank of India (RBI) clarified its position on cryptocurrency, saying that there is no ban on banking services for accounts that handle cryptocurrency. This was reported by YouTube on the 31st (local time).

It also allowed banking institutions to perform the following due diligence process for customers involved in digital assets.

“Banks and other organizations mentioned above may continue to carry out the customer due diligence process in accordance with the regulation of regulatory agency obligations under KYC (Customer Identification), Anti-Money Laundering (AML), and Anti-Terrorist Financing (CFT). .”

Over the past few weeks, major banks such as HDFC Bank and SBI Card have cited RBI’s cryptocurrency crackdown since 2018 and have officially warned customers not to trade cryptocurrency.

However, he points out that the RBI crackdown is no longer valid.

“In the light of the Supreme Court’s order, the RBI’s crackdown from the date of the Supreme Court ruling is no longer valid, so it cannot be cited.

As previously reported, RBI’s notorious cryptocurrency ban, which banned banks from dealing with the cryptocurrency industry, was revoked by the Supreme Court in March 2020.

A recent report from The Economic Times also suggests that the Indian government may present a strict plan to ban the holding, trading and mining of cryptocurrencies in a “new look.”

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