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Indian Banks are Reportedly Using RBI's Quashed Circular From 2018 to Warn Users Against Crypto

coingape.com 31 May 2021 13:19, UTC

Indian banks are reportedly citing the 2018 circular issued by the Reserve Bank of India(RBI), the Indian Central Bank, to caution customers against dealing in cryptocurrencies, reported Bloomberg. The said circular prohibited banks from offering any service to crypto exchanges and platforms, but it was quashed by the Supreme Court in March last year. Despite the Supreme Court ruling, a majority of Indian banks are hesitant in offering their services to crypto exchanges due to uncertainty over crypto regulations in the country.

Recently, HDFC and SBI have released a similar circular citing RBI’s warnings in 2018 to caution users against dealing in crypto assets. The warning email from HDFC read,

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