{"id":43502,"date":"2021-05-31T18:57:30","date_gmt":"2021-05-31T15:57:30","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43502"},"modified":"2025-08-31T03:57:28","modified_gmt":"2025-08-31T00:57:28","slug":"rbi-reminds-banks-of-repeal-of-cryptocurrency-ban","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/rbi-reminds-banks-of-repeal-of-cryptocurrency-ban\/","title":{"rendered":"RBI reminds banks of repeal of cryptocurrency ban"},"content":{"rendered":"<p>The Reserve Bank of India (RBI) has asked regulated entities not to rely on the repealed directive prohibiting cryptocurrency operations. The regulator&#8217;s site notes this.<\/p>\n<p><!--more--><\/p>\n<p>According to a press release, the clarifications were prompted by reports that some financial institutions allegedly warned clients against using digital assets. As an argument, they cited RBI&#8217;s 2018 requirements.<\/p>\n<p>One Twitter user posted a screenshot of a notice from HDFC Bank, in which the bank reminded customers of the cryptocurrency ban and cited the regulator.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">What Is This <a href=\"https:\/\/twitter.com\/HDFC_Bank?ref_src=twsrc%5Etfw\">@HDFC_Bank<\/a> <a href=\"https:\/\/twitter.com\/HDFCBank_Cares?ref_src=twsrc%5Etfw\">@HDFCBank_Cares<\/a> \ud83d\ude12 <a href=\"https:\/\/twitter.com\/pushpendrakum?ref_src=twsrc%5Etfw\">@pushpendrakum<\/a> <a href=\"https:\/\/twitter.com\/CryptooAdy?ref_src=twsrc%5Etfw\">@CryptooAdy<\/a> <a href=\"https:\/\/twitter.com\/pankjtanwar?ref_src=twsrc%5Etfw\">@pankjtanwar<\/a> <a href=\"https:\/\/twitter.com\/CryptoPointHi?ref_src=twsrc%5Etfw\">@CryptoPointHi<\/a> <a href=\"https:\/\/twitter.com\/cryptokanoon?ref_src=twsrc%5Etfw\">@cryptokanoon<\/a> <a href=\"https:\/\/twitter.com\/CryptooIndia?ref_src=twsrc%5Etfw\">@CryptooIndia<\/a> <a href=\"https:\/\/t.co\/rAK9guLGs7\">pic.twitter.com\/rAK9guLGs7<\/a><\/p>\n<p>\u2014 Rinku Saini (@RegaFlick) <a href=\"https:\/\/twitter.com\/RegaFlick\/status\/1398239917352755202?ref_src=twsrc%5Etfw\">May 28, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abSuch references are inappropriate, as this document was repealed by the Supreme Court on 4 March 2020,\u00bb the RBI noted.<\/p>\n<\/blockquote>\n<p>The RBI stressed that local banks must \u201ccontinue to conduct proper due diligence on customers\u201d in line with AML\/ KYC procedures and other requirements.<\/p>\n<p>In December 2020, it emerged <a href=\"https:\/\/u1f987.com\/en\/news\/indian-banks-resume-servicing-bitcoin-exchanges\">about the decision of leading Indian banks<\/a> to resume dealing with cryptocurrency exchanges and traders.<\/p>\n<p>In March 2021, Reuters reported that India would consider <a href=\"https:\/\/u1f987.com\/en\/news\/media-indian-authorities-propose-prison-terms-for-bitcoin-holders\">a bill to ban cryptocurrency operations outright<\/a>, which envisages criminal and administrative liability.<\/p>\n<p>In the same month, authorities demanded that crypto-related companies <a href=\"https:\/\/u1f987.com\/en\/news\/india-requires-companies-to-disclose-cryptocurrency-assets\">disclose their assets<\/a>.<\/p>\n<p>In May it emerged <a href=\"https:\/\/u1f987.com\/en\/news\/rbi-urges-banks-to-sever-ties-with-bitcoin-exchanges\">the RBI is exerting pressure on banks<\/a>, urging them to reassess their relationships with Bitcoin exchanges and traders.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Reserve Bank of India (RBI) has asked regulated entities not to refer to the repealed directive prohibiting cryptocurrency operations. The regulator&#8217;s site notes this.<\/p>\n","protected":false},"author":1,"featured_media":43503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,278,36],"class_list":["post-43502","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-india","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43502"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43502\/revisions"}],"predecessor-version":[{"id":43504,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43502\/revisions\/43504"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43503"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}