Crypto ban hit another level when cryptocurrency was banned in India as the state banks in India issued warning to customers.
Some accounts were closed due to being associated with cryptocurrency transactions.
The ban was revoked by the Reserve Bank of India and clarity was given regarding the crypto ban in India.
The Reserve Bank of India which is India’s central bank and apex regulatory body under the jurisdiction of Ministry of Finance, Government of India.
It is responsible for the issue and supply of the Indian rupee and the regulation of the Indian banking system.
According to the central bank, banks and other regulated bodies are using a circular which was issued on April 6, 2018 regarding virtual currencies.
RBI further reinstated their statement in the new circular that the previous circular which was being quoted by banks and regulated authorities became obsolete on March 4, 2020 when the Hon’ble Supreme court passed its judgement and therefore, the circular cited or quoted from.
Implication of the new circular
During a moment when the cryptocurrency market is in a state of dilemma, such news will tend to affect the market.
There will be fear and less trading most especially in the country of the ban.
Crypto miners are currently having a hard time in China and such a ban coming from India means the Asia continent might be against digital currency.
Before time, Asia has been a safe haven for cryptocurrency projects and headquarters of cryptocurrency projects have been situated in the continent.
With the clarification from the Reserve Bank of India, crypto traders, banks and other regulatory bodies are free to engage in cryptocurrency.
“This is the most significant statement to come out of RBI after the Supreme Court verdict. This will give respite to crypto exchanges who were struggling to get a bank account due to lack of clarity from the RBI,” said Sharan Nair, chief business officer of Tiger Global-backed crypto platform Coinswitch Kuber.
After seeing the revoke being done by the Reserve Bank of India, Crypto ban in Nigeria might be revoked as well.
The Central Bank of Nigeria is also planning on creating its own digital currency and that might be the era of new possibilities.
Nevertheless, kurepay offers the best cryptocurrency experience amidst ban.
Sign up on kurepay wallet now!!!