India's Central Bank Turns Its Back On Crypto-Related Accounts

RBI governor Urijit Patel after the monetary policy meeting Thursday

The announcement comes via an official press release issued by The Reserve Bank of India (RBI).

The RBI has not responded to any of these angry tweets. It does not mention that a copy of it can not be stored overseas, according to Medianama.The RBI will issue detailed instructions by next week.

The Central bank's latest clampdown on virtual currencies has triggered defiance and outrage among traders, who insist they will continue dealing in cryptocurrencies using cash and other means.

The banks will need to achieve 50% provision cover for those loans by end-June, said the bankers and the letter.

Anyhow, keeping in view the uncertainties over regulation of cryptocurrencies in India, we had recently got incorporated in Australia, which has a clear policy on regulating digital currencies.

Mumbai: Shares of state-run banks rallied on Thursday after the Reserve Bank of India (RBI) lowered the amount the lenders needed to set aside as of end-March for their loans to almost 40 companies that are undergoing bankruptcy resolution proceedings.

Even finance minister Arun Jaitley, in his last full Budget, made it clear that the Indian government does not recognise cryptocurrencies such as Bitcoin, Ripple and Etherium as "legal tender" and will take all measures to eliminate their use for illegitimate transactions.

The Reserve Bank of India (RBI) has effectively banned any dealings in cryptocurrency via banks or e-wallets in the country stating "dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies".

The decision came on back of the RBI's observation that only certain payment system operators and their outsourcing partners in the country store the payment system data.

The move is set to impact almost 50 lakh Indians who have cryptocurrency investments.

The RBI is undergoing this project in an attempt to make its services more efficient and improve the country's financial system.

Paxful's platform, in particular, allows for the buying and selling of Bitcoin in a variety of ways - including PayPal and Moneygram - and ensures just about anybody can still trade Bitcoin at their convenience, despite regulatory bans from central banks.

"The report indicates that the outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms", Radhakrishnan told the Lok Sabha in a written reply.

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