India’s Central Bank Says No Curbs In Providing Bank Accounts To Crypto Traders

[Bitcoinmoon12]

India’s central bank, the Reserve Bank of India clarified that there are no restrictions on banks preventing them from providing an account to cryptocurrency companies or traders.
The request was initially filed by Harish BV, a co-founder of local cryptocurrency exchange Unocoin last week.

Bitcoin to the moon in India........................................................

Read more: https://azcoinnews.com/indias-central-bank-says-no-curbs-in-providing-bank-accounts-to-crypto-traders.html

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[avikz]

Well that's a positive for Indian crypto community. Because RBI  has not yet issued any revised circular even after the judgement of Supreme Court. So it had literally created confusion among cryptos users and businesses.

Now that it has been clarified through an RTI, I don't think any further circular is needed as a proof. Through this RTI reply, RBI has effectively dismissed the existence of the previous notification of banning crypto traders from banking services. Good step forward towards a better crypto future in India.

[Wafilian]

If Indian Central Bank and Reserve Bank remove all kinds of restrictions on cryptocurrency traders, Then obviously a revolution will take place in India. Seeing this, It will inspire the countries around India. Then cryptocurrency will be used and spread in a real way.

[Tipstar]

A good move by the largest democracy in the world. Bank integration would surely ease cryto trading and boost confidence in new traders. It would rapidly increase crypto adoption not only in trading but also in overall use. With digitization of currency going on, people could move further to trade through crypto as that would avoid the middleman.

[TalkStar]

Its been a long time indian crypto entrepreneurs and users are facing government restrictions on bitcoin. In a situation like this their central banks decision about bitcoin will give them little relief atleast. Hopefully bitcoin community is going to get bigger with the wave of huge indian population. Indians peoples are fond of new technologies and as a result massive number of new people will get introduce with bitcoin.

In addition I think bitcoin gonna add another extra pace to their economical growth. Specially in e-commerce business indian people will be able to choose the option of hassle-free bitcoin payment. Lets hope for the best.

[DeathAngel]

If we can survive China & Russia banning bitcoin a dozen times then India was never really going to have too big an effect on the price. It’s obviously not a bad thing they’ve confirmed this though.

[siddartha1492]

If Indian Central Bank and Reserve Bank remove all kinds of restrictions on cryptocurrency traders, Then obviously a revolution will take place in India. Seeing this, It will inspire the countries around India. Then cryptocurrency will be used and spread in a real way.

India's central bank is called Reserve Bank of India. They are not two different institutions. But ya, India has a huge IT sector and providing a friendly environment to blockchain and cryptocurrencies is in general beneficial to India.

[Darker45]

Another country finally realizing there is nothing wrong with a crypto company or trader opening a bank account. I can only hope that my own country will soon be enlightened about crypto and/or Bitcoin and implement a similar policy. For now, everyone going to the new accounts section of any leading bank, and for some reasons mentioned earning through crypto and/or Bitcoin, will very likely have his/her application rejected. And, worse, when you ask them why, they are damn clueless.

[pakhitheboss]

Well that's a positive for Indian crypto community. Because RBI  has not yet issued any revised circular even after the judgement of Supreme Court. So it had literally created confusion among cryptos users and businesses.

Now that it has been clarified through an RTI, I don't think any further circular is needed as a proof. Through this RTI reply, RBI has effectively dismissed the existence of the previous notification of banning crypto traders from banking services. Good step forward towards a better crypto future in India.

I assume for the next five years or so RBI and the government of India will not be in a situation to revise or look in crypto related issues or laws. There are bigger issues in stake at the moment for example restart of the economy which has suffered tremendously due to covid 19.

India is ranked the 10th most affected country in the world due to the virus and some intellectuals predict it will be notch up within few months. Situation is very grim and the government has no clue what to do now.

So rest assured they will not interfere in a sector which seeing a huge invest flow. Recently another Indian exchange named CoinDCX has received a whopping 2.5 million as investment to expand its presence.

[Tahsin Kabir Kollol]

If this is indeed the case then maybe this is good news. This will increase the acceptability of cryptocurrency to the people of India. This will allow neighboring countries, including India, to allow their people to use cryptocurrency and recognize its acceptance. India is a populous country so a huge population will be able to gain an idea about cryptocurrency. If they take it head-on, it can be said that the value of Bitcoin will increase and its use will spread everywhere. However, it is becoming clear that Bitcoin is rapidly building its position in the world.

[carlisle1]

If this is indeed the case then maybe this is good news. This will increase the acceptability of cryptocurrency to the people of India.

Well India is one of the biggest continent in the world,and having this open we can nos see another Big adoption going to favor cryptocurrency.

No wonder that one day we will be seeing Bollywood actors and actresses influencing people to invest and use crypto as mode of payments.Like famous celebrities usually do now.

This will allow neighboring countries, including India, to allow their people to use cryptocurrency and recognize its acceptance. India is a populous country so a huge population will be able to gain an idea about cryptocurrency. If they take it head-on, it can be said that the value of Bitcoin will increase and its use will spread everywhere. However, it is becoming clear that Bitcoin is rapidly building its position in the world.

For the past 10 years of existence ?i believe that this is already the right time that the world must know what is crypto.

This has been the bread and butter of many people since then and now we can share the opportunities to others as well.

[hotmom]

Has India finally decided to fully accept the idea of cryptocurrencies?