Kantor kryptowaluty.pl już wystartował! Wymieniaj kryptowaluty po najkorzystniejszych kursach Wchodzę!

India Central Bank Gives Green Light for Crypto Firms

By
Tokeneo
-
3 min reading

A recent announcement issued by the Reserve Bank of India (RBI) suggests that Indian banks are not prohibited from opening accounts for crypto companies anymore.

india cryptocurrencies

The Reserve Bank of India Confirm No Restrictions for crypto related firm

It therefore appears that the Central Bank of India, the Reserve Bank of India, finally clarified its position on financial services dedicated to companies related to the cryptocurrency market.

Indeed, in its letter, the RBI explained that there are no restrictions on banks that want to open accounts with companies that deal with cryptocurrencies.

The RBI's letter was written at the request of Harish BV, co-founder of the local crypto exchange, Unocoin.

End of controversy?

It's a big breakthrough. In 2018. the RBI issued a statement that limited the development of the cryptocurrency market in India. Commercial banks were somehow banned from opening accounts for companies that offered trading in digital currencies.

Since then, the situation improved as the RBI ban was lifted by the Supreme Court in early March. This was an apparent success, as allegedly the banks were still afraid to open accounts with the crypto exchanges. They claimed that they had not received any letter from the RBI in this case.

Lawyer Mohammed Danish noted that the Supreme Court's decision to lift the ban did not contain an order for the RBI to notify the banks of the ruling.

The current announcement published by the central bank theoretically makes the situation clear.

Damage to economy

The actions of the RBI were detrimental to the Indian economy. It is worth noting that companies from the BTC market in India have reregistered in recent months to countries with crypto-friendly regulations.However, they were still actually operating in India, although taxes were paid in other jurisdictions. Some of India's best known companies were forced to close down.

Harish BV told Cointelegraph that now that the RBI's position is crystal clear, the blockchain and cryptocurrencies industry can grow again in India. And we're talking about a market of 1.35 billion people.

“After Supreme Court scrapping RBI's Ban on crypto and RTI’s reply from RBI, it is clear that there is no need for any blockchain or crypto company to register out of India.”

- he says.

Currency Exchange rate Buy cryptocurrency

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Tokeneo TEO OU. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the tokeneo.com/news/pl website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is TOKENEO TEO OÜ (an Estonian law limited liability company) with its registered offices in Tallinn (in the province of Harju Maakond), at 19-7K Maakri Street (in the district of Kesklinna Iinnaosa), 10-145 Tallinn, Estonia, registered on 21.12.2018 in the Estonian Business Register under number 14630242, using the EU VAT number: EE102149487.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.