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Cryptocurrency in India: RBI says it continues to have concerns

A 2018 circular issued by RBI, the country’s apex bank, said that banks could no longer use it as a reason to halt the trading of cryptocurrencies, it gave rise to various misinterpretations, the most common of which stated that the RBI was endorsing cryptocurrencies. This move was welcomed by investors and all those associated with the crypto industry.

How ever, the RBI squashed all speculation and gossip and reiterated that it continues to have major concerns over cryptocurrencies. In a latest statement RBI has said that, there was no change in RBI’s position towards cryptocurrencies and that they had conveyed their concerns to the government. This statement puts a decisive end to the speculation that the RBI was endorsing cryptocurrencies.

“It came to our surprise that some banks were still referring to and citing that old circular in their correspondence with their customers,” the RBI Governor Shaktikanta Das said. “We had to set the record straight that that particular circular of RBI has been set aside. So, therefore, it is not at all correct to refer to that circular.”

India, a country that was once completely against cryptocurrencies and had banned them, has opened up to the future of transactions in the recent months. At the start of the year, a bill was introduced seeking to ban all private cryptocurrencies in India, there have been various indicators that the country’s approach would be calibrated. The latest developments on this has come somewhat of a disappointment to Indian crypto enthusiasts.

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