India introduces a ban on crypto-currencies
The Reserve Bank of India has forbidden regulated organizations to provide services to any private person or company whose activities are related to crypto-currencies.
From now on, the country's credit institutions should not allow customers to purchase tokens and provide services to companies involved in trading virtual currencies.
Prior to the introduction of sanctions, the Central Bank repeatedly warned the population about the risks associated with the use of crypto currency.
"Taking into account the risks involved, it was decided that with the immediate entry into force of the company, regulated RBI will not engage in or provide services to any individuals or entities that deal with or settle the VC. Regulated organizations that already provide such services must leave this relationship within the specified time, "said Bibhu Prasad Canungo, deputy head of the RBI.
Now crypto traders will not be able to make deposits and withdraw funds in a fiat currency. Apparently, they will have to switch to the use of peer-to-peer trading platforms.
The new sanctions are aimed at undermining the infrastructure that serves traders and other participants in this space.
The Ministry of Finance of the country does not recognize crypto currency as the legal means of payment in the territory of India. However, while the possession and trade of crypto-currencies in India is not a violation of the law, since there is no legislative regulation of this sphere in the country. Earlier, the Ministry of Finance of India stated that it would be developed by March 31, but the promises were not kept.
Representatives of the Reserve Bank of India note that crypto-currencies cause a number of issues related to consumer protection, market integrity and the prevention of financial crimes. At the same time, they are sure that the blockchain technology has great potential and can contribute to the development of the country.
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