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Big news for those trading in Cryptocurrency, RBI gave these instructions to banks

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While giving relief to the traders of cryptocurrencies, RBI has said that there will be no problem in transactions in digital currency.

RBI instructions on cryptocurrencies

With the increasing popularity of people towards Cryptocurrency, investors present in India are also investing in it rapidly. But questions remain regarding the existence of digital currency. This is the reason why the country’s big banks HDFC Bank and SBI Cards and Payment Services had warned customers dealing in cryptocurrencies. In this, there was talk of permanent closure of the account of such account holders, but in this case the Reserve Bank of India has given relief to the people. The RBI issued a directive to all banks that they should not refer to its order regarding investment in digital currency.

RBI said in the notification, “It has been learned through media reports that some banks and regulated entities have cited a circular issued by RBI in the year 2018 to their customers not to transact in digital currency. But banks and regulated institutions should not do this. Because this circular was quashed by the Supreme Court on March 04, 2020.”

RBI also said, “Banks and other financial institutions may continue to process transactions in cryptocurrencies in accordance with the regulations governing Know Your Customer (KYC), Anti-Money Laundering (AML) standards.

It is to be known that SBI Cards has sent an e-mail to the customers transacting in cryptocurrencies. It says that if customers use their card to make transactions in cryptocurrency, then the services can be cut. Not only this, SBI can also suspend or cancel the credit card. At the same time, HDFC Bank has warned of permanently closing the account of customers dealing in cryptocurrencies.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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