India Bans Bitcoin Wallets, Bank Funding, All Cryptocurrency Services
by Dade Murphy of BlockCubed
ZeroHedge.com
Thu, 04/05/2018
Don’t expect India’s 1.3 billion residents to be investing in Bitcoin or other virtual currencies any time soon.
According to a report from the Economic Times, the Reserve Bank of India has issued a blanket ban on all cryptocurrency trading.
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”.
Though the country says it understand the need for supporting blockchain related technologies, the exchange of virtual currencies is now prohibited on every level, including the purchase of digital assets via bank accounts or debit cards, as well as the utilization of wallets to transfer assets.
The RBI issued a statement on the matter with guidance to follow:
“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”
The Rest…HERE
