Kevin Helms reports in bitcoin.com that "India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions."
The Reuters quoted a senior bank executive as saying: "The regulator has been unofficially asking us why are we dealing in such business when it is ultra speculative. A lot of money flows overseas via this trade which the RBI is not comfortable with as it may lead to money laundering."
"This move by the RBI came at a time when the crypto industry is booming in India. In addition, the Indian supreme court quashed the RBI circular in March last year that banned banks from providing services to the crypto industry."
Although it is not official yet it almost amounts to a total ban on Crypto and shows how the government of India is going to handle crypto in the future. Really a sad day for the Indian economy, technology and individual freedom all have a lot to lose if crypto is banned in India.
Source credit and full story - https://news.bitcoin.com/indias-central-bank-rbi-urges-banks-cut-ties-crypto-businesses-traders/
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