India goes Full Ban on Cryptocurrencies

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India goes Full Ban on Cryptocurrencies
India goes Full Ban on Cryptocurrencies

Full ban on crypto

According to a report from the Economic Times, India has initiated a full ban on cryptocurrency by denying 1.3 billion residents to be investing in digital tokens.

“You will not be able to buy cryptocurrency via banks or e-wallets etc. in India anymore as Reserve Bank of India (RBI) has banned them with immediate effect from “dealing with or providing services to any individuals or business entities dealing with or settling virtual currencies”.

RBI statement

“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately”

India had previously banned the purchase of cryptocurrency with a debit card and now is going all-in on banning anything related to the exchange of digital tokens in the name of “protecting investors from volatility“.

This news could continue to bring the “dip” even lower as the cryptocurrency market is suffering the worst quarter ever.

 

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