The Central Bank of India has issued an official notice stating that local banks are reportedly warning customers not to use cryptocurrencies such as Bitcoin (Bitcoin).
Released on Monday, announcement Point out The Reserve Bank of India is aware of media reports that some banks mentioned RBI abolished the three-year circular.
The notice read: “The bank/regulated entity’s reference to the above circular is unreasonable because the circular was made by the Hon’ble Supreme Court in response to the writ petition on March 4, 2020,” no longer It is valid and cannot be quoted.
However, under the Anti-Money Laundering Law of 2002, banks and other regulated financial institutions can still conduct customer due diligence procedures related to anti-money laundering and customer-knowledge standards.
The Reserve Bank of India’s statement is a response to media reports claim Some of India’s largest banks, such as HDFC Bank and the State Bank of India, have warned their customers not to conduct digital currency transactions. Some users claimed that HDFC Bank cited the 2018 Order of the Reserve Bank of India (RBI) to ban cryptocurrency transactions in India.The ban is official Overturned Ruling by the Supreme Court of India in March 2020.
what is this @HDFC_Bank @HDFCBank_Cares @pushpendrakum @CryptooAdy @pankjtanwar @CryptoPointHi @cryptokanoon @CryptooIndia pic.twitter.com/rAK9guLGs7
-Rinku Saini (@RegaFlick) May 28, 2021
The news added to the general uncertainty regarding the legal status of cryptocurrencies in India.Earlier this year, anonymous sources stated that the government Plans are underway to ban all cryptocurrencies.