The Reserve Bank of India’s clarification that cryptocurrency trading is permitted 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. The 2018 note had forbid banks from facilitating such transactions, but has since been struck down by the Supreme Court. Banks must continue with other routine due diligence measures on the deals, the RBI said.
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