Indian banks suspend services for crypto industry after RBI clarification – regulation Bitcoin News

Several Indian banks have reportedly discontinued their services to customers trading cryptocurrencies despite the central bank, the Reserve Bank of India (RBI), informing them that the prohibition circular is no longer valid. The newest bank to join the fight is the IDFC First Bank.

  • IDFC First Bank is the latest bank to stop serving crypto companies, Livemint reported last week, citing industry sources. The publication conveyed:

IDFC First Bank shut down last week as it is doing increased due diligence regarding bank support for crypto exchanges.

  • This followed the RBI, which made it clear to financial institutions that their April 2018 circular banning banks from offering services to crypto companies is no longer valid and should no longer be quoted or cited. The central bank added that banks can “continue to perform customer due diligence processes” in accordance with existing regulations.
  • Other banks that have distanced themselves from cryptocurrency trading customers include ICICI Bank, Yes Bank and Paytm Payments Bank, the publication said.
  • HDFC Bank and State Bank of India (SBI) have also warned their users about the risks of trading cryptocurrencies, including Bitcoin, as they are unregulated.
  • Bitcoin and other cryptocurrencies are not banned in India, however, as both the government and the RBI have confirmed.
  • The Indian government is still working on a cryptocurrency law. It was supposed to be introduced during Parliament’s budgetary session, but it wasn’t. Now there are reports that the government has set up a panel of experts to re-examine the recommendations of the current bill, which aims to ban all cryptocurrencies except those issued by the RBI.

  • “IDFC Bank is joining some of the other nationalized banks that are taking the stance not to serve cryptocurrency-based businesses,” Sathvik Vishwanath, CEO and co-founder of the Unocoin cryptocurrency exchange, was quoted by Livement as saying. He added:

While the RBI has clarified its stance that banks can provide services after their due diligence, it is abruptly insane for these banks to step back. Such reactions are also alarming cryptocurrency investors for the wrong reason.

What do you think of Indian banks stopping their services for crypto customers? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



source https://bidsfor.me/indian-banks-suspend-services-for-crypto-industry-after-rbi-clarification-regulation-bitcoin-news/

Comments

Post a Comment

Popular posts from this blog

‘Doctor Bitcoin’ pleads guilty to operating an illegal crypto exchange in the US and faces 5 years in prison – regulation Bitcoin News

A Texas man who calls himself “Doctor Bitcoin” pleaded guilty to having operated an illegal cryptocurrency exchange business converting cash into Bitcoin. He faces five years in federal prison. Crypto Exchange Operator pleads guilty The US Department of Justice (DOJ) announced Tuesday that a Texas resident, Mark Alexander Hopkins, pleaded guilty to “illegally engaging in a business converting cash into cryptocurrency.” The 42-year-old man, who calls himself “Doctor Bitcoin,” pleaded guilty to running an unlicensed money transfer company. Acting US attorney Prerak Shah in detail: This defendant ignored federal law and allowed scammers to use Bitcoin to operate under the radar of law enforcement. We are determined to rid the Bitcoin market of anyone who knowingly helps criminal actors hide illegal profits in crypto wallets. Hopkins admitted to running a cryptocurrency exchange business and converting US dollars into cryptocurrency, primarily Bitcoin, for a fee. He also admitted...
Read more

Payments Giant NCR brings Bitcoin trading to 650 US banks and their 24 million customers – Finance Bitcoin News

Payment giant NCR and New York Digital Investment Group (NYDIG) are working together to enable 650 U.S. banks to offer Bitcoin trading to their 24 million customers through their mobile applications. 24 million customers from 650 Main Street banks could soon have access to bitcoin trading New York Digital Investment Group (NYDIG) said Wednesday when 650 banks and credit unions in the US will soon be able to offer Bitcoin trading to their customers via their mobile applications. The Bitcoin option is made possible through a collaboration between NYDIG and corporate payments giant NCR. NYDIG is a bitcoin technology and financial services subsidiary of Stone Ridge, a $ 10 billion alternative asset manager. NCR digital banking president Douglas Brown was quoted by Forbes as saying: We strongly believe in the benefits of crypto and its strategic application. And that goes for our banking relationships, as NYDIG proves, and for retailers and restaurants and the like. Founded in 1...
Read more

These are the 5 Most Expensive Crypto Economics Assets Per Unit – Markets and Prices Bitcoin News

Image
As of July 18, Bitcoin is the most valuable cryptocurrency in US dollars per unit, currently trading for $ 31,693. In addition to all the packaged Bitcoins and synthetic Bitcoin connections, the second highest crypto asset per unit is the longing for financing and the manufacturer follows. Removing market cap positions and looking at crypto assets this way gives a user a completely different perspective. A look at the top digital currencies by unit price At the time of writing, there are only two crypto assets worth five digits and only two worth four. A look at the price of each coin per unit shows how many coins are being traded in certain price ranges. The unit price recorded in this report was recorded at 8:55 a.m. EDT on Sunday, July 18, 2021. The data was collected from the crypto market aggregation sites market.bitcoin.com and coingecko.com. The five most expensive crypto assets per unit include Bitcoin, Long Finance, Maker, Ethereum, and Bitcoin Cash. The per-unit pric...
Read more