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The Reserve Bank of India Does Not Ban The Cryptocurrencies
Summary: The Reserve Bank of India (RBI) issued an announcement stating that it does not ban the use of cryptocurrencies. In today's announcement, RBI said certain banks/regulated entities have cited its regulation to warn customers not to conduct virtual currency transactions. The use of regulation is unreasonable Because it has ceased to be effective since the ...
The Reserve Bank of India (RBI) issued an announcement stating that it does not ban the use of cryptocurrencies.
In today's announcement, RBI said certain banks/regulated entities have cited its regulation to warn customers not to conduct virtual currency transactions. The use of regulation is unreasonable Because it has ceased to be effective since the date of the Supreme Court’s decision.
RBI stated that it allows banking institutions to conduct due diligence procedures on customers involving digital assets, such as Know Your Customer (KYC), Anti-Money Laundering (AML), Acts of Terrorism (CFT), and other standards.
By Mary Liu
Tags: AML,Cryptocurrency,KYC,RBI
Link: The Reserve Bank of India Does Not Ban The Cryptocurrencies [Copy]
