A recent announcement from the Reserve Bank of India (RBI) suggests that Indian banks are not prohibited from opening accounts for cryptocurrency companies.
The Reserve Bank of India explains its position
Thus, it seems that the central bank of India, Reserve Bank of India, finally explained its position on financial services dedicated to enterprises associated with the cryptocurrency market.
In his letter, RBI explained that there are no restrictions on banks that want to open accounts for companies that deal with kryptowalutami.
The RBI was written at the request of Harisha BV, a local co-founder cryptocurrency exchanges, Unocoin.
End of controversy?
This is a great breakthrough. In 2018, RBI issued a communication that limited the development of the cryptocurrency market in India. Commercial banks were forbidden to open accounts for companies that offered clients trading in digital currencies.
The situation has improved since then, because in early March the Supreme Court lifted the RBI ban. It was an apparent success, because apparently banks were still afraid to open accounts of cryptocurrency exchanges. They claimed that they had not received any letter in this case from RBI.
Lawyer Mohammed Danish noted that the Supreme Court ruling on the liquidation of the ban did not require the RBI to notify the banks of the judgment.
The current central bank statement theoretically makes the situation clear.
1.35 billion people
The RBI’s activities were harmful to the Indian economy. It is worth noting that companies from the market BTC from India they have registered in recent months to countries with friendly regulations kryptowalutom. However, they still operated in India. However, they paid taxes in other jurisdictions. However, some of the most-known Indian companies were forced to close down.
Harish BV told Cointelegraph that now that the RBI position is crystal clear, the industry blockchain and cryptocurrency can grow again in India. We are talking about 1.35 billion people here.
“After the Supreme Court lifted the ban on RBI and [obecnej] the answer from RBI is obvious that no blockchain or cryptographic company will register any more than India. “