On the chaotic status of cryptocurrencies in India: how did we get here?
On Monday, the Reserve Bank of India issued a notification on virtual currencies or crypto-currencies and reiterated what it has been saying for over 8 years. It instructed banks to adhere to existing rules on money laundering, terrorism finance, foreign exchange management and Know-Your-Customer norms, when dealing with crypto firms.
This was triggered by emails sent last week by India’s leading banks to their customers, warning about the risks of investing in cryptos. While HDFC Bank asked customers…
