RBI cracks down Crypto Currencies

ag-bitcoinThe Reserve Bank of India (RBI) has directed banks not to provide any services to individuals or business entities who are dealing with cryptocurrencies such as bitcoin. The decision was taken by the RBI to curb the money laundering.

The Reserve Bank of India (RBI) in a statement said Technologies such as virtual currency technology can strengthen the economy. But the cryptocurrencies and the crypto assets are likely to threaten the safety of consumers. Also, frauds like hawala can also happen. We have come to the conclusion of such dangers. Banks should not offer any services to anybody who transacts with such currencies. This decision will be implemented immediately, “RBI said.

It has already suggested that such services to be discontinued if those services are served. The circular will be issued soon, RBI said. The RBI has recalled that it has already warned of difficulties in digital and cryptocurrencies.