Indian central bank remains hostile with Crypto

The central bank of India annuls its ban on banks dealing with crypto space and yet they are reluctant to deal with the crypto world.


Despite the history and having been somehow kind towards the banks that have been providing crypto services, the Reserve Bank of India is not willing to cooperate with cryptocurrencies. In this regard and in a press conference, Shaktikanta Das, the governor of the Reserve bank of India cleared their stance towards cryptocurrencies and said:

“We have major concerns around cryptocurrency, which we have conveyed to the government.”

This statement was a response to some of the things that had happened previously. The Reserve Bank of India was urged to stop the banks from taking advantage of its now-defunct circular to deprive crypto firms of getting services they need.

Being defunct, the circular has been abused by the banks as an alibi so as not to work with anyone or any company from the cryptocurrency world. It must be mentioned that this has been occurring despite the fact that in March 2020, the ban had been lifted by the Supreme Court.

Das spoke of their intention that they have omitted the RBI circular and referring to that is not a proper thing to do. The banks, however, resist dealing with crypto as they are not really sure what will happen to the crypto industry in India.

The RBI has always warned about the dark sides that cryptocurrency can potentially promote such as terrorism financing and money laundering. Meanwhile, they’ve been pondering over a digital currency issued by RBI.



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