In response to a Right to Information Act very recently, to which the Reserve Bank of India has answered saying that Cryptocurrencies are no longer banned in India. There was a ban on cryptocurrency for the last few years and now there is no prohibition on cryptocurrency prohibition in India since May 2020. The Reserve Bank of India has also asked the banks of India to co-operate with the citizens regarding this purpose, profit revolution says that the banks have been asked to help the citizens by providing bank accounts and bank facilities to help them keep their bitcoins and trade them safely.
In spite of the Reserve Bank of India declared that the crypto mining and trading in India will be legal, many of the banks seem to have not reacted to this. Most of the banks are denying the help that the Reserve Bank of India has announced will be given to those who would want to trade cryptocurrency. It is again questionable that if the Reserve Bank of India has already declared it’s a decision on the cryptocurrency then why aren’t the banks taking the correct step for it. Many have raised questions on this already but probably the banks have their own reasons to do such step-motherly behaviour.
Judgment About Cryptocurrency – Insights
The judgment has not been revealed completely to anyone, but the insights are clear. The judgment given by the Reserve Bank of India was celebrated and enjoyed by many of the citizens while some did not like them at all. The most discretionary was that the banks were not ready to listen or take the measurable steps that it must have taken. The bitcoins have been accepted and are expected that the banks would co-operate but unfortunately, the banks have failed to understand this. There are several which are covering this event which states that many of the banks have refused to help the citizens.
We will get the insights are pointed here,
The banks have been guided to open an account and freeze accounts for the cryptocurrency and this will also help in increasing the sales of the bitcoins and helps in buying cryptocurrency.
The banks have been directed to not to use any international credit or debit card rather not to allow to use international debit or credit card to buy bitcoins using it.
If the bank authorities come across any international transaction, then that must be blocked immediately.
Knowing all the above regulations, the Indian banks still denied assisting the people for trading the bitcoins, they still want the Reserve Bank of India to bring more clarity on their role. But the Indian banks have seemed to have taken their own cases like some are helping and some are not, so it is still at the discretion of their choice. The Reserve Bank of India knows very well that they are going through some confusion but maybe purposely they are still not paying any heed to the confusion.
Situations are such that one must worry about it but not everyone is really ready for it. India still must wait for the Reserve Bank of India and the Supreme Court to decide on one thing and give a final verdict, accordingly they would be able to take some decision. We would like you to keep reading our updates for the latest news about the Cryptocurrency ban in India. It is said India is crypto phobic and now we need to see whether it is really one or not. We will give you all the latest updates about crypto use in India.