India’s central bank has asked banks not to cite its 2018 circular that barred them from dealing with crypto companies, and reminded banks that the country’s Supreme Court quashed the ban last year.
In the April 2018 circular, the Reserve Bank of India said that banks couldn’t deal with “any individual or business entities dealing with or settling virtual currencies.”
Last March, India’s Supreme Court ruled that the central bank’s circular carried no weight and that banks could transact with crypto companies if they so wished. Despite the ruling, major Indian banks continue to bar crypto exchanges.
However, analysts expects that small banks may now allow crypto customers. As always the market is correcting itself, and new banks that embrace the future will rise thanks to this opportunity negleted by the big players.