RBI

The cryptocurrency investment community was relieved late on Monday after the Reserve Bank of India told banks not to cite a 2018 central bank circular as a reason to set back crypto trades.  The 2018 note had forbidden banks from facilitating such transactions but has since been abolished by the Supreme Court. The regulatory body said that banks must continue with other routine due diligence measures on the deals. The RBI order comes after local media reports that financial firms,…

India's central bank, the Reserve Bank of India (RBI), is worried about the effect of cryptocurrencies in the region. The bank is also developing the digital rupee as it looks to join the list of countries with Central Bank Digital Currencies (CBDC).  Crypto Concerns from India's Apex Bank   RBI governor Shaktikanta Das echoed this latest concern in an interview with local news outlet CNBC TV-18 on Wednesday. Das revealed that the bank had significant problems with cryptocurrencies and had informed…

In a recently released booklet titled "Payment and Settlement Systems in India: Journey in the Second Decade of the Millennium," by the Reserve Bank of India (RBI), the apex bank revealed it's considering the possibility of launching a central bank digital currency. Like most individuals and institutions who were once skeptical about joining but are now in the crypto community, the Indian regulators still doubt the digital currency system. They are hesitant about adopting the approach owning to the risks…

India’s central bank (RBI) is planning to file a review petition on the Supreme Court’s ruling that, the banking ban on crypto was unconstitutional. Last Wednesday, the Supreme Court of India, in its ruling lifted the banking ban on cryptocurrencies. The RBI, had in April 2018, issued a circular to prohibit all banks from providing any services to crypto-related businesses. However, according to a report from Economic Times, the RBI is planning to file a review petition on the Supreme Court ruling against the central…

A banking ban by the Reserve Bank of India (RBI) on crypto in India has finally been lifted by the country's Supreme Court. The Supreme Court ruled this RBI decision to ban crypto in an ongoing case as unconstitutional. The Court concluded its hearing on the case on the 28th of January 2020, after more than a year of hearing proceedings. An extensive hearing of the arguments by the counsel for the Internet and Mobile Association of India, Ashim Sood…

Reports from recent times have shown that Zebpay, the Singapore-based cryptocurrency exchange platform, has made a comeback to the Indian market. Zebpay has been closed in India for more than a year. The closure came about due to India’s cryptocurrency market suppression as the RBI cut off financial services to exchanges months before. Zebpay closed up shop in India on 28th September 2018. However, on 29th January, the IBS intelligence announced Zebpay would finally continue to avail its services for…

Recent reports pointed out several court cases on cryptocurrency in India’s supreme court. These court cases support the prohibition of crypto-related services by banks and financial institutions. However, India’s Reserve Bank supports crypto-related services.  Several cryptocurrency supporters, such as Prathiba Jain, want the easing of regulations in India’s Fintech. During the World Economic Forum in Davos, Jain, the founder and head of New Delhi, Nishith Desai Associates, talked about Anti-Money Laundering and Counter-Terrorist Financing (AMLCTF) system in the nascent Fintech…