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.
Although the news is on internet but still there is no official circular on the official site of RBI and they have said that any institution coming under it shall not deal in providing services related to cryptocureencies and bitcoin but any agency not under it's regulation can still perform the functions. And moreover they have but banned the usage for traders and given time for three months to wind up businesses. But still the decision can be withdrawn and actions can be taken.