RBI on cryptocurrency quriousbox

RBI says banks can provide accounts to cryptocurrency traders

The Reserve Bank of India (RBI) has said that there is no prohibition on banks providing bank accounts to cryptocurrency traders.

In a Right to Information (RTI) query raise by Unocoin co-founder BV Harish, the central bank said there is no such prohibition, said a report by The Economic Times.

“As on date, no such prohibition exists,” the RBI said on May 22 in response to the RTI query filed on April 25.

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Moneycontrol said: Moneycontrol could not independently verify the report.
The central bank and other commercial banks such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank and Bank of Baroda have not yet responded to queries as per the report.

In March, the Supreme Court had quashed RBI’s directive that prohibited entities under its jurisdiction from dealing in digital currencies.

Traders had raised concerns that banks were continuing to impose restrictions even after the apex court’s ruling.

“Bankers have been saying that they need new RBI circulars mentioning that there are no more restrictions for them to provide bank accounts for crypto businesses. Now, we have received a positive response from the RBI,” Harish said as per the report.