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Indian Banks Send Advisory to Customers to Follow RBI guidelines and Refrain from Crypto Transactions

source-logo  coingape.com  + 1 more 30 May 2021 17:06, UTC
Although crypto trading isn’t illegal in India, big banking institutions in the country are sending their customers advisories to refrain from indulging in crypto transactions. As reported by a local news publication The Hindu, many banks are sending formal warnings to their customers for digital currency transactions.

The banks are citing the 2018-rule from the Reserve Bank of India (RBI) that doesn’t permit banks to indulge in crypto exchanges. A number of users have reported the same on Twitter. Account-holders in India’s largest banking institution – HDFC Bank – tweeted that they have received cautionary emails referring to crypto transactions from their account.

coingape.com

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