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The Indian Central Bank has officially notified financial institutions that working with cryptocurrencies is not prohibited by law
The notice came amid complaints from many crypto enthusiasts in India that they could not be served in selected banking institutions. The fact is that many of them blocked transactions with cryptocurrency, based on the law passed by the regulator in 2018.
The Central Bank stressed that this is an outdated law, which, in addition, was abolished by the Supreme Court of the state. Therefore, banks cannot harm customers by refusing to provide statutory services.
Cryptocurrency trading in India is completely legal and not subject to restrictions. Of course, financial institutions must comply with KYC and AML regulations. Such information is contained in the official statement of the bank's representatives.
Thus, all the talk that India will ban the trade in digital assets is unfounded.