Banks Are Forbidden To Trade Bitcoin As Per RBI’s April Directive
Industrial banks in the country will no more be able to conduct in cryptocurrencies like Bitcoin from Friday in the light of a Reserve Bank of India RBI directive in April.
Trying to defend clients and suppress money laundering and other financial unevennesses the RBI had, on April 5, prohibited all its regulated organizations, involving banks, from operating in virtual currencies like bitcoins.
Regulated organizations already ensuring services to some private or business operations in digital currencies had been given three months to finish the cooperation.
From midnight Cryptocurrency trade in rupees will stop, when exchanges or cryptocurrency firms will at the present moment be unable to use or take advantages from loans or hold bank accounts.
Investors would only be able to do peer-to-peer operations.
The RBI, nevertheless, as well mentioned it is studying a “fiat digital currency” issued by the central bank.
Pursuant to investigation agencies here, with the request and cost of cryptocurrencies on the rise, cyber-criminals have revealed advanced ways to fool those looking to invest.
Bitcoins in India have been trading at more than Rs. 10 lakh each, while people are investing amounts ranging from Rs. 3,000 to several lakhs of rupees.