India said that banks can now also offer crypto exchanges Bank accounts

The opinion of the RBI is a response to several complaints that banks allegedly crypto-exchanges and similar companies are no banking services were allowed to offer.

The Reserve Bank of India (RBI) was now clear, they forbid banks and other financial service providers in the country, no Bank account services for crypto-currency exchanges and/or provide.

India’s Central Bank offered the clarification as a response to a crypto-user-submitted submission of Right to Information (RTI). The Bank applies the Said RTI made reference to orders from the year 2018, the RBI on banks in the country, according to which financial service providers were forbidden to have dealings with stock exchanges and other similar providers.

The arrangements were India’s Supreme court lifted these orders in a judgment. Thus, the Central Bank’s policy was null and void. The starting point was a Petition of several stock exchanges in the concerned court.

The answer was a response to a request from the service provider, Harish BV. This is a co-founder of the crypto-platform, Unocoin.

BV had the RTI on 25. April 2020 filed with the court. In it, the company asks whether the RBI has now banned banks to provide services such as Bank accounts for crypto-exchanges or crypto-traders Bank accounts.

The regulatory authority for the banking sector responded to the request, such a prohibition did not exist, as a request, and a request for a response from the Bank were sent to.

RBI-crypto ban had taken cryptographic provider

The Directive of the RBI to the banking industry was a collapse risk for the crypto-currency system of India. Because the Order had prohibited any kind of trade between banking institutions and cryptography companies.

The restrictions have impacted on stock markets and individuals significantly. Some companies failed gradually, as banks closed accounts, or to the warnings of the debates, they would suspend the company if the crypto business, the owner would not be set as requested.

The two companies Coinome and Koinex announced to close in may or June of 2019, their business, many of its competitors, in turn, fought with the existing money crisis and low trading volumes.

The judgment of the Supreme court with a view to the prohibition repeal was for crypto exchanges, as well as your customers is a massive relief. Nevertheless, many banks were hesitant in terms of crypto-transactions, just because the RBI was a lack of communication to detect.

Harish BV, commented,”Economic Times of India” as follows:

“Banker spoke of a much needed new circulars of the RBI circular, on the resignation of the dreaded restrictions points. The Bank must explain that banks may be very well-ready Bank accounts for crypto-companies. The hoped-for response of a positive kind is now on the part of the RBI before.“

The Unocoin-co-founder, said that the RBI’s response in respect of the prohibition repeal through the Supreme court reinforced the Blockchain-introduction and crypto-currency activities in India. The new clarification gives the crypto market access to 1.35 billion inhabitants.

The largest crypto-currency platform in India, announced that it will use after the procurement of 2.5 million US dollars of Polychain Capital and Coinbase Ventures, at least a part of the new capital to accelerate the introduction of crypto-currencies and more than 50 million new customers for the industry to win.