The Reserve Bank of India today reveals that it hadn’t banned cryptocurrencies in India but only ringfenced regulated entities like banks. It’s because of the risks associated with the trading of such virtual assets. The central bank of India said this in a response to a petition filed by the IAMAI. Internet and Mobile Association […]
The courtroom battle between India’s cryptocurrency exchanges and the central bank seems to be going in favor of the former. With the potential threat of a crypto ban in India, both RBI and crypto stakeholders in the country continued their arguments before the Supreme Court…
The Reserve Bank of India (RBI) is developing a blockchain based banking platform to facilitate banking processes. RBI’s research and development branch have undertaken the move. The new platform will cater to banking needs and will host various blockchain applications. The launch will take place sometime in 2020…
The concept of crypto is seeing numerous experiments and success in various parts of the world. However, its scenario is quite bleak in India. The governing body of banks, RBI has long issued the ban against any kind of dealing with digital money. However, the Reserve bank of India is receiving appeal to consider undoing […]
The Government of India has summoned lawyers from Nishith Desai Associates who are currently opposing the crypto banking ban circular proposed by the Reserve Bank of India. The association was asked to give its suggestions for drafting the crypto regulations in India. In response, the committee has prepared and submitted a document which states that India should adopt a balanced regulatory approach to reap the benefits of the technology and escape the risks involved.
The Indian Institute for Development and Research in Banking Technology has issued a layout for implementation of blockchain technology in the banking sector. The layout is aimed at developing a decentralized platform for interaction between banks and boosting mass adoption of the immutable technology.
While the Supreme Court has yet again postponed hearing of the cryptocurrency related case to February 2019, crypto users in India have started to keep away from any mention of crypto related words in their transaction remarks to avoid closure of bank accounts by the banks, as directed by the Reserve Bank of India.
The Supreme Court of India has yet again postponed hearing of the cryptocurrency ban case against Reserve Bank of India (RBI) which was filed last year by crypto enthusiasts and investors. In April 2018, the RBI had issued a ban that restricted financial institutions from offering any crypto related services to consumers. In consequence to this, bank accounts dealing with crypto transactions were terminated forcing consumers to file petitions with the court to lift the ban.
Kotak Mahindra Bank, a private bank in India, has issued a ‘Termination of account’ letter to a user who was dealing with cryptocurrencies. The bank has taken this step in compliance with the circular issued by the Reserve Bank of India that directs financial institutions in the country to end business with customers who deal with cryptocurrency transactions.
The Police of Jammu and Kashmir, India, has issued a public statement that warns people against investing in cryptocurrencies. According to Business Standard, a local business newspaper, the police has alerted the public against the risks associated with Bitcoins and other cryptos. It has also informed people that cryptos are not sanctioned by the government.