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Reserve Bank of India- Is Cryptocurrency Trading Ban in India?

 


The State Bank of India and HDFC bank of India have sent mail to their customers regarding the use of their services in the trading cryptocurrency. A few hours after this warning the Reserve Bank of India has strained that banks cannot cite the 2018 circular for such communications. The reason for this is the suppression of the Supreme Court of India in a petition filed by the Internet and Mobile Association of India, 2020. RBI further mentioned that such circulars are not in order and since Supreme Court made their stand clear on this, it is not valid. So of course after this move of the RBI crypto traders got it as a piece of pro-crypto news. This can be considered as a welcoming move of RBI in regulating cryptocurrencies. The statement that RBI has given has made it pretty much clear of its stand on crypto trading. 


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