Reserve Bank of India clarifies position on cryptocurrencies

by in Cryptocurrency News

India

The Reserve Bank of India (RBI) has remained critical of cryptocurrencies, head of the regulator Shaktikanta Das said during an online conference.

“RBI has serious concerns about cryptocurrency that we have reported to the government,” Das said.

In 2018, the regulator banned the controlled institutions from providing services related to digital currencies to individuals and companies. Two years later, India's Supreme Court overturned the directive, but some banks continued to cite RBI's requirements.

At the end of May 2021, the central bank reminded financial institutions to lift the ban. According to the manager, the regulator should have clarified, but this should not be seen as a change in the position of the authorities.

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Earlier Reuters reported that India will consider a bill to completely ban transactions with digital assets, which provides for criminal and administrative liability.

In March, authorities required cryptocurrency-related companies to disclose their assets.

We will remind, in May it became known that RBI is putting pressure on banks, urging them to reconsider relations with bitcoin exchanges and traders.