Jun 2, 2021
SnapBots News Review—RBI Gives Green Signal for the Trade of Cryptocurrencies
While there has been a lot of speculation regarding the crypto law in India, some major banks such as State Bank of India and HDFC Bank have sent an email to customers warning against using their services to trade in cryptocurrencies, citing that the users who deal in virtual currencies may face account suspension referencing a 2018 circular from the Reserve Bank of India
However, The Reserve Bank of India (RBI) on May 31 has related that banks and other regulated entities cannot cite its 2018 circular on cryptocurrencies as it has been set aside by the Supreme CourtSC) on March 2020.
The above statement from RBI has given a green signal and a ray of hope to all crypto investors in the country.
According to data, Indians have invested more then $1 billion dollars in the cryptocurrency market, making India one of the top crypto investing countries.
However, the central bank has asked banks to carry out the necessary customer due diligence process in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT), and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002.
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