Quote from: TelegAda on April 07, 2018, 11:24:50 AM

Reserve Bank of India has banned regulated organizations to provide services to any individual or company whose activities are related to cryptocurrencies.

From now on, credit institutions in the country should not allow clients to purchase tokens and provide services to companies involved in trading virtual currencies.
Before the imposition of sanctions, the Central Bank repeatedly warned the population about the risks associated with the use of cryptocurrencies.
"Taking into account the risks involved, it was decided that with the immediate entry into force of the RBI regulated companies, they would not engage in or provide services to any natural or legal persons who engage or regulate VC. Adjustable organisations which already provide such services must come out of these relations in the time specified," said the Deputy head of the RBI's Bibhu Prasad, Kanungo.
Now crypto traders will not be able to make deposits and withdraw funds in Fiat currency. They will probably have to switch to peer-to-peer trading platforms.
The new sanctions are aimed at undermining the infrastructure serving traders and other participants in this space.
The Ministry of Finance of the country does not recognize cryptocurrencies as a legal means of payment in India. However, while the possession and trade of cryptocurrencies in India is not a violation of the law, as there is no legislative regulation of this sphere in the country. Earlier, the Indian Finance Ministry said that it will be developed by March 31, but the promises were not kept.

Representatives of the reserve Bank of India note that cryptocurrencies raise a number of issues related to consumer protection, market integrity and prevention of financial crimes. At the same time, they believe that blockchain technology has great potential and can contribute to the country's development.

Source cryptofeed.ru

this is a sad news.. i have a lot of indian friends who is also an investo in crypto world.. too sad unfortunately

D230