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India's crypto ban no longer valid, clarifies RBI


Brendan Taylor
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Reserve Bank of India

RBI/2021-22/45
DOR. AML.REC 18 114.01.00112021-22
                                                                                                                                                      May 31, 2021

All Commercial and Co-operative Banks / Payments Banks/ Small Finance Banks /
NBFCs / Payment System Providers

Madam / Dear Sir,
                                  Customer Due. Diligence for transactions in Virtual Currencies (V.C)

It has come to our attention through media reports that certain banks/ regulated
entities have cautioned their customers against dealing in virtual currencies by making
a reference to the RBI circular DBR.No.BP.BC. 104/08.13.102/2017-18 dated April 06.
2Q_1ß. Such references to the above circular by banks/ regulated entities are not in
order as this circular was set aside by the Hon'ble Supreme Court on March 04, 2020
in the matter of Writ Petition (Civil) No.528 of 2018 (Internet and Mobile Association of
India v. Reserve Bank of India). As such, in view of the order of the Hon'ble Supreme
Court, the circular is no longer valid from the date of the Supreme Court judgement,
and therefore cannot be cited or quoted from.

2. Banks, as well as other entities addressed above, may, however, continue to carry
out customer due diligence processes in line with regulations governing standards for
Know Your Customer (KYC), Anti-Money Laundering (AML), Combating of Financing
of Terrorism (CFT) and obligations of regulated entities under Prevention of Money
Laundering Act, (PMLA), 2002 in addition to ensuring compliance with relevant
provisions under Foreign Exchange Management Act (FEMA) for overseas
remittances.

Yours faithfully,

 

(Shrimohan Yadav)
Chief General Manager

 

128t 134t srfR •m. 400001
Departrnentof Regulation. Central Office. 12b & Floor. Central Office Bhavan, Shahid Bhagat Marg. Fort. Mumbai -400001 No: 22661602. 22601000 t:" / Fax No: 022-2270 5691 t / cgmicdor@rbi.org.in

 

India's central bank, the Reserve Bank of India (RBI) makes it clear that Bitcoin and other cryptocurrencies are not banned in a new notice.

 

Read more here: Source

 

 

 

 

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