{"id":263197,"date":"2021-05-31T17:54:09","date_gmt":"2021-05-31T14:54:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indian-central-bank-clarifies-regulations-as-local-banks-shun-crypto\/"},"modified":"2021-05-31T17:54:09","modified_gmt":"2021-05-31T14:54:09","slug":"indian-central-bank-clarifies-regulations-as-local-banks-shun-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indian-central-bank-clarifies-regulations-as-local-banks-shun-crypto\/","title":{"rendered":"# Indian central bank clarifies regulations as local banks shun crypto"},"content":{"rendered":"

“# Indian central bank clarifies regulations as local banks shun crypto <\/strong>”
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India\u2019s central bank has issued an official notice regarding local banks reportedly cautioning customers against using cryptocurrencies like Bitcoin (BTC).<\/p>\n

Published<\/a> Monday, the notice points out that the Reserve Bank of India is aware of media<\/a> reports that certain banks have cautioned their customers against crypto by referring to the RBI\u2019s quashed three-year-old circular.<\/p>\n

\u201cSuch references to the above circular by banks\/ regulated entities are not in order as this circular was set aside by the Hon\u2019ble Supreme Court on March 4, 2020 in the matter of Writ Petition,\u201d the notice reads, emphasizing that the circular is no longer valid, and cannot be cited.<\/p>\n

However, banks and other regulated financial institutions can still carry out customer due diligence processes related to Anti-Money Laundering and Know Your Customer standards under the Prevention of Money Laundering Act of 2002, the RBI noted.<\/p>\n

The RBI\u2019s statement comes in response to media reports claiming<\/a> that some of India\u2019s largest banks like HDFC and the State Bank of India have cautioned their customers against dealing in virtual currencies. Some users claimed that HDFC bank cited RBI\u2019s 2018 order banning crypto trading in India. The ban was officially overturned<\/a> in March 2020 by the Supreme Court of India.<\/p>\n

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What Is This @HDFC_Bank<\/a> @HDFCBank_Cares<\/a> @pushpendrakum<\/a> @CryptooAdy<\/a> @pankjtanwar<\/a> @CryptoPointHi<\/a> @cryptokanoon<\/a> @CryptooIndia<\/a> pic.twitter.com\/rAK9guLGs7<\/a><\/p>\n

\u2014 Rinku Saini (@RegaFlick) May 28, 2021<\/a><\/p><\/blockquote>\n