India's central bank, the Reserve Bank of India (RBI), has criticized local banks for referring to the RBI's old ban of crypto-related operations. The watchdog says such references by banks are no longer valid from the date of the Supreme Court judgement, and therefore "cannot be cited or quoted from."
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However, the RBI noted that financial institutions may continue to "carry out customer due diligence processes." The watchdog decided to clarify its attitude after media reports said that banks cautioned their customers against dealing in cryptocurrencies.
Earlier in May, iHodl reported that the Indian authorities were considering regulating cryptocurrencies in the country instead of imposing a total ban on them. The country was exploring the possibility of setting up an expert panel to regulate crypto trading in the country.
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