India Confirms No Restrictions for Crypto Community
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May 26, 2020
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The Reserve Bank of India (RBI) has confirmed there are no restrictions on financial services for crypto-related traders and exchanges, The Economic Times reports citing the RBI's statement to local crypto exchange Unocoin.

The financial watchdog claims "no such prohibition exists," commenting concerns raised by cryptocurrency traders which banking accounts were still banned for crypto-related activity.

In March, India's Supreme Court lifted the Reserve Bank of India's ban that prevented banks from offering their services to crypto-related companies. The RBI banned financial institutions from offering their services to companies related with cryptocurrencies back in April 2018.

BitGo Becomes Custodian for Indian Bitcoin Exchange

As a result of weakening regulatory control, India's cryptocurrency trading platforms asked the country's central bank to provide guidelines on how their activities must be taxed.

Moreover, iHodl earlier reported that Indian crypto trading platform CoinDCX raised $2.5 million from Polychain Capital and Coinbase Ventures.

The exchange reportedly plans to use the funds to establish a center of excellence to promote crypto adoption in India as well as to launch several new products for retail investors, including loans.

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