Type to search

bitxmi blockchain industry cryptocurrency cryptocurrency news India

Indian Banks Refuse To Accept Cryptocurrencies

Share
RBI India

Cryptocurrency Latest News In India After The Cancellation Of Cryptocurrency Ban

In April 2018 RBI had banned banks’ services to all cryptocurrency firms in India. Today, more than two weeks have passed since the cancellation cryptocurrency ban in India by Supreme Court. Now, according to the news about cryptocurrency, in India payments are becoming more and more popular among its citizens. Currently, the government is developing laws for operations related to cryptocurrencies. However, as report cryptocurrency latest news today, not all banks comply with this decision.

Indian Banks Refusing to Process Crypto Transactions

On March 12, fintech lawyer Mohammed Danish filed a representation with the central bank against the “arbitrary denial” of certain domestic banks to provide services in support of the sale or purchase of cryptocurrency.

Danish is co-founder platform Crypto Kanoon and specializes in litigation and advisory services for blockchain and cryptocurrency in India.

Is It Legal For Banks Not To Serve Cryptocurrencies In India?

The ban on cryptocurrencies in India by RBI was lifted by the Supreme Court “in full,” Danish said, and yet several cases were reported when banks refused to conduct cryptocurrency transactions, including HDFC and IndusInd Bank.

Danish writes: 

The letter requests that RBI issues official communication to all banks as soon as possible to ensure their compliance with the law.

Why Is RBI Silent?

RBI’s lack of coordination with institutions under its authority could be explained by reports that it is planning to appeal the court’s ruling.

A report from the latest news on cryptocurrency in India’s The Economic Times cited unnamed sources with apparent knowledge of the matter, who claimed that RBI planned to file a review petition against the court’s quashing of its circular.

Join Bitxmi Exchange and get $10 worth of BXMI token after your first trade

Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

Leave a Comment

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 9,777.23 1.16%
ethereum
Ethereum (ETH) $ 242.83 1.19%
tether
Tether (USDT) $ 1.00 0.13%
ripple
XRP (XRP) $ 0.204167 0.46%
bitcoin-cash
Bitcoin Cash (BCH) $ 258.24 0.22%
bitcoin-cash-sv
Bitcoin SV (BSV) $ 195.48 1.08%
litecoin
Litecoin (LTC) $ 47.38 1.22%
cardano
Cardano (ADA) $ 0.087740 0.58%
binancecoin
Binance Coin (BNB) $ 17.49 0.69%
eos
EOS (EOS) $ 2.72 0.62%
tezos
Tezos (XTZ) $ 2.97 3.60%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.098722 2.22%
chainlink
ChainLink (LINK) $ 4.45 1.10%
stellar
Stellar (XLM) $ 0.082275 3.24%
okb
OKB (OKB) $ 5.25 0.11%
monero
Monero (XMR) $ 68.38 1.03%
leo-token
LEO Token (LEO) $ 1.22 1.10%
tron
TRON (TRX) $ 0.016865 2.12%
huobi-token
Huobi Token (HT) $ 4.10 0.16%
neo
NEO (NEO) $ 12.16 1.96%
ethereum-classic
Ethereum Classic (ETC) $ 6.89 1.87%
dash
Dash (DASH) $ 78.34 0.80%
usd-coin
USD Coin (USDC) $ 0.998344 0.12%
iota
IOTA (MIOTA) $ 0.248620 2.42%
cosmos
Cosmos (ATOM) $ 3.08 1.12%
zcash
Zcash (ZEC) $ 53.49 0.80%
vechain
VeChain (VET) $ 0.006810 4.84%
nem
NEM (XEM) $ 0.046771 1.34%
ontology
Ontology (ONT) $ 0.593850 2.59%
maker
Maker (MKR) $ 423.80 1.33%
basic-attention-token
Basic Attention Token (BAT) $ 0.242885 5.01%
dogecoin
Dogecoin (DOGE) $ 0.002615 0.81%
theta-token
Theta Network (THETA) $ 0.298682 7.67%
ftx-token
FTX Token (FTT) $ 2.98 0.38%
paxos-standard
Paxos Standard (PAX) $ 1.00 0.12%
omisego
OMG Network (OMG) $ 1.68 1.68%
digibyte
DigiByte (DGB) $ 0.017853 0.52%
0x
0x (ZRX) $ 0.327635 0.86%
decred
Decred (DCR) $ 18.45 0.37%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.043912 0.91%
algorand
Algorand (ALGO) $ 0.238790 2.32%
icon
ICON (ICX) $ 0.334094 1.10%
enjincoin
Enjin Coin (ENJ) $ 0.196466 2.41%
zilliqa
Zilliqa (ZIL) $ 0.016889 3.92%
lisk
Lisk (LSK) $ 1.28 1.77%
qtum
Qtum (QTUM) $ 1.83 2.31%
binance-usd
Binance USD (BUSD) $ 1.00 0.12%
bitcoin-gold
Bitcoin Gold (BTG) $ 9.40 1.60%
augur
Augur (REP) $ 14.65 1.20%
true-usd
TrueUSD (TUSD) $ 0.999107 0.07%