Bitcoin, Crypto Assets are not Banned in India: RBI

1/3 #RBI says #crypto not banned, but don’t bank on itRBI had filed a 30-page affidavit in SC on 4 Sep 19 The RBI has not prohibited crypto in the country. It has directed banks not provide services to those persons or entities dealing in VCs. Source – ET pic.twitter.com/QR5TRNq484 — BITCOIN EXPERT INDIA (@Btcexpertindia) January 21, 2020

Still Legal for Indians to Invest in Virtual Assets This year, regulators in India will loosen capital controls somewhat, allowing citizens to move up to $250,000 annually outside the country. This relatively small sum may allow Indians to invest in bitcoin and crypto through third-party exchanges.

So many people were surprised the last year when i told them it isn’t illegal to invest in cryptocurrencies in India. The same was brought out by RBI in the court while defending its power for its decision of not allowing banking entities to deal with cryptocurrency traders. — Akshay Aggarwal (@howdy_akshay) January 21, 2020

LocalBitcoins volumes remain relatively high in India. The country is one of the advanced markets for bitcoin and crypto activity, especially after the government ran a program to mop up cash and crackdown on a large grey economy. But the RBI has been vigilant and has curbed the growth of crypto activity, by additionally discouraging local ICOs. Still, India hosts 57 Bitcoin nodes, showing significant interest in cryptocurrency. The news of a country-wide ban has been refuted so far. Still, regulators remain vigilant about crypto-related risks, money-laundering, and effects on personal finance. India has also added significantly to the BitConnect scheme, with regional leaders taking in significant wealth. What do you think about RBI’s stance wrt to Bitcoin and crypto assets? Share your thoughts in the comments below! 

Images via Shutterstock, Twitter: @Btcexpertindia, @howdy_akshay The post appeared first on Bitcoinist.com.

source: https://bitcoinist.com/bitcoin-crypto-not-banned-in-india-rbi/

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