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.
The Indian government and the Reserve Bank of India (RBI) have previously warned the public over the crypto currency, with New Delhi swearing earlier this year to eliminate the use of digital currency, which is considered illegal. The Indian government has previously compared the crypto currency investment to "Ponzi schemes" that offer exceptionally high returns to early investors.