India’s central bank RBI clarifies that cryptocurrency trading is not banned

The Central Bank of India issued an announcement on Monday (May 31) local time to clarify that cryptocurrency transactions are allowed in India. This news has injected a booster into the cryptocurrency market, which has recently been suppressed by global regulations. Cryptocurrencies such as Bitcoin and Ethereum have risen sharply at the beginning of this week.

In its latest announcement, the Central Bank of India told banks not to use the 2018 central bank announcement as a reason to hinder cryptocurrency transactions. The Central Bank of India’s circular at the time prohibited banks from facilitating such transactions but was later rejected by the Supreme Court of India.

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The Central Bank of India also pointed out that banks must continue to take other regular due diligence measures on these transactions.

In March this year, the Ministry of Corporate Affairs of India revised the “2013 Company Law Schedule III”, requiring listed and private companies to disclose their cryptocurrency holdings and other activities using digital currencies.

Reminder: Investment is risky, so be cautious when entering the market. Digital currency investment has greater risks and unpredictability, and this article does not constitute any form of investment encouragement and advice.


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