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Indian Banks Refuse To Accept Cryptocurrencies

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.

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