Kevin Helms reports in bitcoin.com that "Indian central bank, the Reserve Bank of India (RBI), has officially advised banks that its banking ban circular is no longer valid as it was set aside by the country’s supreme court more than one year ago. Despite the supreme court’s ruling, banks have been citing the RBI circular when dealing with cryptocurrency."
It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular … dated April 06, 2018.
The April circular advised banks that they were prohibited in dealing in cryptocurrencies. However, the Indian supreme court quashed this circular back in March of last year, allowing banks to resume providing services to crypto businesses, including cryptocurrency exchanges.
As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.
Looks like Indian government's stance is changing regarding crypto. It has also appointed a new panel of advisors to do a review and recommend an upcoming crypto regulation. Hopefully resulting in a more liberal regulation.
Source credit and full story - https://news.bitcoin.com/indias-central-bank-rbi-crypto-banking-ban-no-longer-valid/
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