The RBI order follows local media reports that financial firms, including SBI Cards & Payment Services Ltd, one of India’s biggest credit card issuers, and the nation’s largest private-sector bank HDFC Bank Ltd had cautioned customers against dealing in virtual currencies.
NEW DELHI: The Reserve Bank of India’s (RBI) clarification that cryptocurrency trading isn’t banned in the country is a welcome relief for a community facing push-back from traditional lenders needed to help settle these deals.
The regulator late on Monday told banks not to cite a 2018 central bank circular as a reason to hinder crypto trades, given the Supreme Court has since squashed the order.
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