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RBI has taken a final call on the cryptocurrencies by issuing a circular that prohibits the dealing of cryptocurrencies in India by barring the regulated entities for providing their services to the individuals and businesses dealing with VCs on an immediate basis. For those banks and payment gateways that have already been associated with them have been given 3 months time period to cut those ties.
3-month deadline for regulated entities to cut their VC ties
Two days back, RBI took a strict stance on cryptocurrencies in its first Bi-monthly Monetary Policy Statement of 2018-19 by ordering all the regulated entities to stop providing their services to the individuals and businesses alike that deals with cryptocurrencies.
However, nothing was clear as of yet, people and businesses alike were waiting on RBI for further clarification.
