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Indian Banks Were Ban From Processing Cryptocurrency purchases

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Indian central bank has taken new measures to stop Indian residents from purchasing cryptocurrency through their bank accounts.


Indian Banks were ban from processing cryptocurrency purchases

The Policy was announced on Thursday by the Reserve Bank of India (RBI), which prohibits RBI-regulated institutions from allowing their customers to purchases cryptocurrencies, and it also bars banks from providing services to businesses "dealing with or settling virtual currencies.

According to the statement:
Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time.

As a result of the ban, traders will no longer be able to deposit or withdraw fiat currency at cryptocurrency exchanges, forcing them to use peer-to-peer (P2P) trading platforms such as Local Bitcoins.

RBI stated that blockchain technology has many potentially-beneficial applications but argues that cryptocurrencies raise a number of concerns related to consumer protection, market integrity, and preventing financial crimes.

RBI said
Technological innovations, including those underlying virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. However, Virtual Currencies (VCs), also variously referred to as crypto-currencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
 Rapid changes in the landscape of the payments industry along with factors such as the emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an interdepartmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central digital currency. The Report will be submitted by the end--June 2018.


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