Reserve Bank of India

Central Bank of Laos Prohibits Cryptocurrencies

Central Bank of Laos Prohibits Cryptocurrencies

Probably following the footsteps of the RBI, now Central Bank of Laos Prohibits Cryptocurrencies and related activities. Of course, the blockade is on sales purchase and trading of digital money. Prior to this, the bank has already put an active ban on financial firms from doing any kind of business regarding crypto. The primary concern […]

Coinome Suspends Operation

Indian Crypto Exchange Coinome Suspends Operation Abruptly

Succumbing to government regulations, Indian crypto exchange Coinome suspends operation, effective immediately from 15th of May, 2019. The firm has requested the traders on its platform to withdraw their funds at the earliest. The exchange has tweeted its decision over its official handle. After Coinome’s notice, people are trying to withdraw their assets but some […]

Government of India Invites Law Firm to Opine on Crypto Regulations

Government of India Invites Law Firm to Opine on Crypto Regulations

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.

Indian Supreme Court Postpones Crypto Case Hearing to February 2019

Indian Supreme Court Postpones Crypto Case Hearing to February 2019

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 Issues ‘Termination of Account’ Letter to Consumer Dealing with Crypto]

Kotak Mahindra Bank Issues ‘Termination of Account’ Letter to Consumer Dealing with Crypto

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.

RBI Postpones Plans for Introduction of Central Bank Cryptocurrency

RBI Postpones Plans for Introduction of Central Bank Cryptocurrency

The Reserve Bank of India (RBI) has postponed its plans to introduce its own Central Bank Cryptocurrency. The government has restated that cryptocurrencies cannot be considered as legal tenders. Also, an inter-ministerial entity is analyzing if crypto trading can be officially allowed in India. The committee is considering all issues such as licensing schemes for crypto entities and consequences of introducing a digital currency in India.