India’s Central Bank RBI Urges Banks to Cut Ties With Crypto Businesses and T...
India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The....
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Indian central bank, the Reserve Bank of India (RBI), has officially advised banks that its banking ban circular is no longer valid as it was set aside by the country’s supreme court more than one year ago. Despite the supreme court’s ruling, banks have been citing the RBI circular when dealing with cryptocurrency. RBI Tells Banks to Stop Quoting Its ‘No Longer Valid’ Circular on Cryptocurrency India’s central bank, the Reserve Bank of India (RBI), issued a notice on Monday clarifying its position regarding cryptocurrencies. The notice, entitled....
The deputy governor of the Reserve Bank of India has said that banks need to go digital in the face of FinTech or they could risk becoming obsolete as the industry continues to grow. According to a report from Bloomberg Quint, SS Mundra said, to an audience at the College of Agricultural Banking, that banks shouldn’t see financial technology companies as a threat, but that the two should work together to help under-served and credit-starved micro and small enterprises (MSMEs). He said: An estimate suggests that at present almost 93 percent of such (micro) units are outside the formal....
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has clarified the central bank’s position regarding cryptocurrency. His statements followed a notice published by the RBI telling banks that its crypto banking restriction is no longer valid and cannot be cited. RBI Still Has Major Concerns About Crypto RBI Governor Shaktikanta Das clarified the central bank’s position on cryptocurrency In a post monetary policy press meeting Friday. Emphasizing that “There is no change in RBI’s position” regarding cryptocurrencies, Das said: With regards to....
A UK envoy that includes politicians, central bank officials, and prominent FinTech executives are in India to discuss trade relations that will deepen industry ties between the two nations as the UK prepares for the separation from the European Union. A UK-delegation led Chancellor Philip Hammond that includes Her Majesty’s Treasury FinTech envoy Eileen Burbidge and Bank of England governor Mark Carney along with a number of leaders from banking and financial technology firms are currently in India as a part of a two-day visit as a part of the 9th UK-India Economic and Financial Dialogue....
Bank of Russia has recommended commercial banks pay heightened attention to their clients’ transactions related to cryptocurrencies. The regulator requires the financial institutions to monitor such activity against the backdrop of restrictions on currency operations amid western sanctions.
Monetary Authority Urges Banks to Control Spending Linked to Crypto Assets
The Central Bank of Russia (CBR) has notified banks of the need to track certain transactions including those involving cryptocurrency. The financial regulator has sent out a letter calling on the institutions....