The Central Bank of India clarifies crypto has not been banned

[mlawson71]

Following confusion and heated debate about whether cryptocurrencies are banned on Indian territory, the Reserve Bank of India had to post a statement in order to clarify its position on the matter. The statement was made by the Reserve Bank of India to the Supreme Court and stated the following:

“Firstly, the RBI has not prohibited VCs (virtual currencies) in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs. The RBI has been able to ringfence the entities regulated by it from being involved in activities that pose reputational and financial risks along with other legal and operational risks.”
Source

In other words cryptocurrency trade is not banned by if you want to be licensed and regulated by the RBI you cannot provide such services. I does seem better than an outright ban but it still pushes cryptocurrency trade to the fringes, and if the RBI's purpose is to make people safer that is not the way, I think.

 

[fillmichael]

excellent article, we should publish more things like this, I love, I congratulate you

 

[mlawson71]

Thank you, I am glad you found the information helpful!

 

[andre42]

Buy or it's too late. What will happen to the Bitcoin exchange rate in the near future

 

[mcblowfish]

why should they ban crypto? its the future ecurrency and will be used worldwide

 

[hahnvn88]

some countries do that, but crypto is the future, BTC is growing in this time

 

[Marika]

I hope that in future cryptocurrency will be accepted by all countries