RBI slams the Banks

in Project HOPE3 years ago

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Recently a lot of people in India were getting notifications from their respective banks notifying them about suspicious activities in their accounts and even slightly threatening to close their accounts. All of those notifications were given to crypto traders in India and the banks had cited a circular from the old RBI directive which was overturned by the Supreme Court. This seems like another FUD created to throw the market in a frenzy but now RBI has come out with a notice to clarify everything.

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RBI has clearly notified with this notice that the banks are not allowed to cite a circular that has been overturned and trading in Cryptocurrencies is not illegal at all. So yeah there is indeed some good news for us as of now but the second point in that notice is a little worrisome and I will be looking into it more in details.

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Hello @arunava
These things are what cause many to distance themselves. Because while it is true that it is not illegal to work with cryptocurrencies,.it is not legal either. It is in a space that is as well as yet to be defined.

I hope you are going to have more clarity soon.

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