India’s Central Bank Removes Lingering Confusion Over Banking for Crypto Firms

[Paglamon]

India’s commercial banks can indeed provide banking services to traders and firms dealing in cryptocurrencies, the nation’s central bank clarified last week.

“As on date, no such prohibition exists,” the Reserve Bank of India (RBI) said on May 22. The statement came in response to a query filed by BV Harish, co-founder of the cryptocurrency exchange Unocoin, under the Right to Information (RTI) Act.

As reported by The Economic Times on Tuesday, the RTI was filed on April 25, seeking clarification on whether banks were still prohibited from providing services to cryptocurrency traders and service providers despite a recent ruling by the Supreme Court to the contrary.
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