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India

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In April 2018, India’s central bank, the Reserve Bank of India (RBI), banned domestic financial institutions from providing banking services to cryptocurrency exchanges. The Statement issued at that time provided: “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 [cryptocurrencies]. Regulated entities which already provide such services shall exit the relationship within a specified time.” …

In a letter published in November 2019, Sanjay Dhotre, India’s Minister of State for Electronics and Information Technology (MeitY) , stated that the Indian government is developing a National Level Blockchain Framework and is currently preparing an approach paper. The letter arose in response to a number of questions from MP Parvesh Sahib Singh Verma on what steps the government had taken to promote and encourage the use of blockchain technology and whether it had…

Last Thursday, India’s central bank, the Reserve Bank of India, issued a statement providing that the banks and financial institutions it oversees would no longer be allowed to work with cryptocurrency exchanges and other related services. The Statement says: Reserve Bank has repeatedly cautioned users, holders and traders of virtual currencies, including Bitcoins, regarding various risks associated in dealing with such virtual currencies. In view of the associated risks, it has been decided that, with…

Last week, India’s Finance Minster, Arun Jaitley, made the following statement: The government does not recognize cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these cryptoassets in financing illegitimate activities or as part of the payments system in India As Forbes reports, this was reported by many as the banning of cryptocurrency in India but that seems to have been an overstatement.  The issue remains gray and…