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Reserve Bank of India Discourages Lenders From Dealing With Crypto Exchanges: Report

India’s central bank has been unofficially asking banks why they are dealing with crypto businesses.

May 13, 2021 at 11:25 a.m. UTC
Updated Sep 14, 2021 at 12:54 p.m. UTC

The Reserve Bank of India (RBI) is encouraging lenders to cut ties with crypto exchanges, according to Reuters.

  • The central bank is making the suggestion on an informal basis, Reuters reported Thursday.
  • “The regulator has been unofficially asking us that why are we dealing in such business when it is ultra speculative,” said a senior executive at one bank contacted by Reuters. “A lot of money flows overseas via this trade, which the RBI is not comfortable with as it may lead to money laundering.” 
  • This represents a new development in the saga surrounding India’s proposed ban on cryptocurrencies.
  • In March 2020, the Supreme Court of India set aside a 2018 RBI ban on commercial banks providing services to crypto exchanges.
  • Discussions for proposed legislation to enforce a blanket ban on crypto in India were reported to be in the final stages in March this year.
  • RBI did not respond to Reuters' request for comment.

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