RBI Notification On Cryptocurrency in India : Banks Cannot Stop Users From Investing In Crypto

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Index

  • RBI Notification On Cryptocurrency in india : Banks Cannot Stop Users From Investing In Crypto
  • RBI Notification on Cryptocurrency
  • Is cryptocurrency legal in India?
  • DISCLAIMER

RBI Notification On Cryptocurrency: Banks Cannot Stop Users From Investing In Crypto

June 1, 2021:   Cryptocurrency in India : Over the past couple of months, many SBI and HDFC bank customers received warning emails from their respective banks that dealing with cryptocurrencies was illegal and that the customers’ accounts would be terminated if they continued dealing in cryptocurrencies, as many users had reported on Twitter.

However, yesterday, on May 31, the Reserve Bank of India put out an official statement clarifying that banks were using the old 2018 circular from the RBI to warn their customers. It was not applicable since the Supreme Court legalised cryptocurrencies in March 2020. Read on to know more about RBI’s new notification about banks and cryptocurrency in India.

RBI Notification on Cryptocurrency

RBI released the notification regarding banks dealing with cryptocurrencies. They announced that it had come to RBI’s attention that banks and financial institutions were warning their customers against using cryptocurrencies based on RBI’s ban on cryptocurrencies back in 2018. The notification also mentioned that the Supreme Court has since lifted the ban on March 4, 2020, and banks cannot legally warn or threaten their customers for using cryptocurrencies.

Is cryptocurrency legal in India?

As you can see from the tweet above, the RBI has clearly stated that banks cannot stop their customers from investing in cryptocurrencies. This is big news for crypto exchanges and crypto investors in India.

The Indian crypto community had been eagerly waiting for clarification by the RBI/Supreme Court on the legality of cryptocurrencies in India. This new step by the RBI is a step in the right direction for the crypto community, and crypto enthusiasts took to Twitter yesterday with the #IndiaWantsCrypto.

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DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

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