Indian central bank: Cryptocurrency is not banned in the country – FXStreet

The Reserve Bank of India (RBI) has clarified that regulated entities cannot offer crypto assets in India, but this does not mean theres an overall digital asset ban. Recently, The Economic Times of India cited a document that the central bank had submitted to the nations Supreme Court back in September.

The document reads:

Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs.

In April 2018, the RBI had issued a statement limiting its services to anyone participating in cryptocurrency usage. The statement said:

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.

According to an earlier Cointelegraph report, following the banks statement, the Internet and Mobile Association of India (IAMAI) petitioned for a reversal of the crypto-related regulation. IAMAI is a non-profit group dedicated to digital growth.

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Indian central bank: Cryptocurrency is not banned in the country - FXStreet