RBI clarify that cryptocurrency is not banned in INDIA
Categories: Crypto News
Currently, there is no regulation or any ban on the use of cryptocurrencies in the country. The Reserve Bank of India's (RBI) order banning banks from supporting crypto transactions, was reversed by the Supreme Court order of March 2020. Bitcoin, Ethereum, Ripple and a lot of other popular cryptocurrencies may not be banned and are likely to continue existing in India despite the government planning to introduce a new Crypto bill in the upcoming Parliament session. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 seeks to prohibit all private cryptocurrencies in India in the Winter Session of Parliament starting November 29. It, however, allows for certain exceptions to promote the underlying technology of cryptocurrency and its usage.