Tuesday, 29 Sep 2020

India’s central Bank cracks down on cryptocurrencies

India bans cryptocurrencies

Reserve Bank of India announced today that banks and wallets regulated by RBI shall not deal with individuals or Businesses for cryptocurrency transactions. RBI has instructed that any existing Business relationships should be wound up within 3 months. With this instruction in place, it would be impossible for anybody in India to buy cryptocurrencies. RBI Deputy Governor said “If they (cryptocurrencies) grow beyond a critical size they can endanger financial stability”

 

 

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