Reserve Bank of India (RBI) has banned banks are regulated to perform operations associated with cryptocurrency trading. Credit institutions of the country should not allow clients to purchase crypto-currencies and provide services related to trade virtual currencies (VC).
In its statement, the Central Bank of the country has reminded that repeatedly warned banks, companies and users about the risks associated with the use of VC. “Taking into account the associated risks, it was agreed that with immediate entry into force of the companies regulated by RBI, will not engage in or provide services to any individuals or entities that are or will regulate VC.
Adjustable organisations which already provide such services, must be out of this relationship for a specified time,” the statement said RBI. As a result of the ban capturadora will no longer be able to Deposit and withdraw funds in Fiat currency, going, apparently, to the use of peer-to-peer (p2p) trading platforms.
In a statement, the RBI highlighted that the blockchain technology has a great potential of application. While the regulator has indicated that cryptocurrencies raise a number of issues related to consumer protection, market integrity and prevention of financial crime. RBI, Ministry of Finance, does not recognize the cryptocurrency legal tender in the territory of India.
While legislative regulation of this sphere in the country is missing. Earlier, the Finance Ministry of India said that it will be developed by March 31.