The central bank of India (RBI) today, directed all the regulated bodies to not to provide services to any individual and business entities that use or deals in virtual currencies within a specified time period i.e. about 3 months.
RBI bans regulated entities to deal with crypto users
Reserve Bank of India (RBI) has barred the regulated entities including banks from providing services to any individual or business entity that deals with virtual currencies.
Today has been the first bi-monthly Monetary Policy Statement of 2018-19 of RBI, where the central bank has given a 3 months period to sever their ties with the entities using virtual currencies.
People will still use bitcoin in person-to-person transactions, in order to escape capital controls. They just won't be able to use the banking system to do it - they'll have to use cash.
bitcoin doesnt matter here its about cryptocurrencies, no use for indians to use bitcoin anyway.
but this iss a highly controversial issue, the indian elite is abusing their power.
its of course very comfortable for them controlling the countries financial system, having billions trapped to the banking clans rule