Its infamous circular directing banks to cease servicing crypto firms may have been overturned in the courts but India’s central bank is showing no signs of softening its stance towards cryptocurrencies.
Reserve Bank of India Governor Shaktikanta Das reiterated the institution’s position in a recent press conference following a statement on monetary policy, stressing:
“We have major concerns around cryptocurrency, which we have conveyed to the government.”
The governor’s comments come after the Reserve Bank of India had been prompted to clarify that banks should not continue to cite the Reserve Bank of India’s now-defunct circular as grounds for refusing services to crypto firms. Recent media reports had suggested the document was still providing an alibi for banks reluctant to deal with entities from the crypto space, despite the fact that the Supreme Court had ruled the ban disproportionate and struck it down in March 2020.
Das told reporters that the central bank wants to “set the record straight” and “that particular circular of