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RBI will make future of India in Crypto Currencies : RBI Crypto news

Reserve Bank Of India (RBI) will make a new role in Crypto / Virtual Currency to create new digital future for Indians whom are mostly trusted in Crypto investment and existing customer of WazirX India. Its an positive news for Indian Crypto Exchanges like WazirX, Coinswitch, ZebPay.

Published

May 31, 2021

RBI will make future of India in Crypto Currencies : RBI Crypto news

MUMBAI, INDIA | In the recent news of 30 MAY, 2021, some source says Reserve Bank Of India (RBI) will make a new role in Crypto / Virtual Currency to create new digital future for Indians whom are mostly trusted in Crypto investment and existing customer of WazirX India.

Its an positive news for Indian Crypto Exchanges like WazirX, Coinswitch, ZebPay.

Before this, Indian Government and RBI were not supported for Crypto/Virtualcurrency to offer Indians to invest in Crypto. RBI and Indian goverment says Crypto is illegal in india but Supreme Court many time judgements in the rights for Crypo as a freedom currency.

A new Tweet out now on @rbi official twitter handles, See below.

 

Actually, its not a clear support in the cryoto openly, might it will be a precation for india to follow and make their interest in cryptoCurrencies.

See below some guidance and recation and privacies.

CUSTOMER DUE DILIGENCE FOR TRANSACTIONS IN VIRTUAL CURRENCIES.

Customer Due Diligence for transactions in Virtual Currencies (VC)
RBI/2021-22/45
DOR. AML.REC 18 /14.01.001/2021-22

May 31, 2021

All Commercial and Co-operative Banks / Payments Banks/ Small Finance Banks /
NBFCs / Payment System Providers

Madam / Dear Sir,

Customer Due Diligence for transactions in Virtual Currencies (VC)

It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular DBR.No.BP.BC.104/08.13.102/2017-18 dated April 06, 2018. Such references to the above circular by banks/ regulated entities are not in order as this  circular was set aside by the Hon’ble Supreme Court on March 04, 2020 in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of India v. Reserve Bank of India). As such, in view of the order of the Hon’ble Supreme Court, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.

2. Banks, as well as other entities addressed above, may, however, continue to carry out customer due diligence processes in line with regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing of Terrorism (CFT) and obligations of regulated entities under Prevention of Money Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant provisions under Foreign Exchange Management Act (FEMA) for overseas remittances.

Yours faithfully,

(Shrimohan Yadav)
Chief General Manager

If you are believe RBI finally accepts Crypto, then might you will be wrong. You should have to read this carefully before investing in Crypto/Virtual Currencies. In the future, RBI will be accept Crypto because of Recent HDFC bank’s interest in cryptoCurrencies.

Many Acts, rules and policies will be applied for every indians, to take safety in crypto to confirms its following rules for virtual transactions.

 

 

THANK YOU!

WRITTEN BY RKM

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