A day after leading lenders sent clampdown messages to customers on crypto dealings the RBI has clarified their stand on the digital tokens.
The RBI reiterated that the action or caution sent out from the banks was adhering to the 2018 RBI circular and was in contrast to the legal ruling.“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are not in order as this circular was set aside by the Hon’ble Supreme Court on March 04, 2020, the circular is no longer valid from the date of the Supreme Court judgement, and therefore cannot be cited or quoted from.” the central banker said.
Reacting to this clarification from RBI WazirX CEO” and Founder Nischal Shetty said, “This is a very positive development for the whole industry. There was a lot of confusion among banks whether they can service their clients in the industry. This notification makes it clear.” WazirX is expected to bring back all its banking related services pretty quickly.