Indian central bank clarifies regulations as local banks shun crypto

Indian central bank clarifies regulations as local banks shun crypto


India’s central bank has issued an official notice regarding local banks reportedly cautioning customers against using cryptocurrencies like Bitcoin (BTC).

Published Monday, the notice points out that the Reserve Bank of India is aware of media reports that certain banks have cautioned their customers against crypto by referring to the RBI’s quashed three-year-old circular.

“Such references to the above circular by banks/ regulated entities are not in order as this circular was set aside by the Hon’ble Supreme Court on March 4, 2020 in the matter of Writ Petition,” the notice reads, emphasizing that the circular is no longer valid, and cannot be cited.

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However, banks and other regulated financial institutions can still carry out customer due diligence processes related to Anti-Money Laundering and Know Your Customer standards under the Prevention of Money Laundering Act of 2002, the RBI noted.

The RBI’s statement comes in response to media reports claiming that some of India’s largest banks like HDFC and the State Bank of

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