RBI issued an order warning the banks for stopping or blocking payments related to virtual currencies or cryptocurrencies.
RBI, on May 31, 2021, issued an order warning the banks and financial institutes for stopping or blocking payments related to virtual currencies or cryptocurrencies. Several media houses reported that certain banks were cautioning their customers against the use of cryptocurrencies.
On April 06, 2018, RBI had advised strictly to users, holders, trade banks, and regulated entities not to deal in cryptocurrencies. Since then, India had been slow in participation in the crypto race. But on March 04, 2020, the Supreme Court of India issued the order making the RBI’s order invalid.
In the past year, India had seen a tremendous cryptocurrency adoption, including developing the Polygon (Matic) network, a protocol, and a framework for building and connecting Ethereum-compatible blockchain networks.
Soon after the news, the entire crypto market was booming and was up by 4% to 20%. This will also lead to more adoption in the nation of 1.4 billion people. The significant relief that had come through this news is the clarity on the potential ban of cryptocurrency. Since early 2021, several rumors of a ban on cryptocurrencies had surfaced in the news, which had made people refrain from entering the cryptocurrency market. But with this recent announcement, India is expecting to witness upcoming crypto regulations.
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