Crypto is getting more attention across the world these days because of media hype. Its also because of the earlier price increase and now because of the price dip as well. Although in many countries regulations are favorable for crypto there are many countries that are either at to clear their stand on crypto or some of them are still in the process to decide what they are going to do.
If we talk about the countries where things are in process and there is no clarity as of now that India is also one of them. I have talked about recent bank issues in crypto with exchanges as well as users sometime back and the issue was that banks are not supporting the exchanges to process the with drawl in Fiat currency. It is really funny that some of the exchanges have gone way more forward and made themselves public whereas Indian exchanges are struggling to get the basic facilities so that they can serve their users better. Banks are trying to be the bottleneck in smooth transaction processing by crypto exchanges.
Banks have been creating issues for quite some time despite the fact that the Supreme Court has already canceled the banking ban which was applied by the reserve bank of India in 2018. Even this banking ban was marked as null and void in March 2020 that is again more than one year time but banks are not trying to understand and they are behaving differently.
Today #IndiaWantsCrypto is trending on Twitter and here is the snapshot of the trending Twitter page.
There is a reason behind this trending. Today RBI has posted a tweet about crypto/virtual currencies for the first time.
In this letter, RBI has clearly mentioned that they have never asked banks to stop supporting crypto exchanges and an earlier circular has been canceled in Mar 2020. They have also clarified that banks need to follow their rules related to KYC and other processes to ensure fair practice but in no way they should stop their support to exchanges.
Indian exchanges have been struggling a lot for the last couple of weeks because of issues created by various banks and now with this clarification through RBI could be a good relief for the exchanges. It is expected that no bank will not create unnecessary issues to crypto exchanges as well as to users after this clarification by the reserve bank of India and this will also be helping more people coming in the crypto space.
This is also a good sign that now since RBI had shared something positive about crypto which could lead to bringing regulation in the country and if it happens then for sure it is going to help millions of users in the crypto community.
Thank you so much