India Crypto Ban | Crypto Purchases Banned but Exchanges Fight Back

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Update:

Yesterday, a hashtag #RBICantStopMe blew up on Twitter as news spread about the country’s central bank ban. A Change.org petition spread that received over 9000 signatures, calling for the RBI to reverse their decision.

The most popular exchanges used in the domestic Indian market, Zebpay and Unocoin, have both made formal announcements about the matter.

Unocoin’s co-Founder and CEO, Sathvik V, said:

“We just want to assure you that your funds (INR, BTC and other cryptos) are absolutely safe with us as ever and there is no need to worry about their safety. As always, you can still continue to use our platform as before and if need be you can still withdraw your funds. As on today, no banks (that we are working with) have issued any notice to us and when they do and if it has an impact on you and /or us, we will surely communicate to you.”

Zebpay also gave a formal statement via their company’s Twitter page stating:

Before the formal statement, Zebpay’s CEO, Ajeet Khurana, took to his personal twitter and said:

It seems that these exchanges aren’t backing down and haven’t received anything formal yet – the FUD will dissipate, for now.

Originally Posted: Apr 5, 2018 @ 11:36

Announced today by the Economic Times in India, its country’s residents will no longer be able to purchase Bitcoin (BTC) or any other cryptocurrencies via their bank. The Reserve Bank of India (RBI) has just put out its first bi-monthly monetary report which said that any entity that is regulated by them should not provide services to any individual or business buying or selling digital currencies.

Abizer Diwanji, Head of Financial Services at EY India, announced in a statement, “A person will not be able to transfer money from his savings account to his crypto wallet.” 

The RBI believes that technological innovations, including digital currencies, can improve the current financial system but are concerned with consumer safety and protection, money laundering, crime, and market integrity. In the overall view of these risks, the reserve has decided that these changes will be made into effect immediately.

The RBI issued a statement saying:

“It has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs. Regulated entities which already provide such services shall exit the relationship within a specified time. A circular in this regard is being issued separately”

Any entity that is regulated by the RBI must stop their services with any person or business that deals with virtual currencies.

>> Chase, Bank of America, & Citigroup Ban

Banks Crackdown

The RBI isn’t the only bank cracking down on cryptocurrency purchases. Just weeks ago, the Bank of Montreal (BMO), in Canada, halted all cryptocurrency purchases from being purchased by their customers with their Interac debit or Mastercard credit cards. Canadians already have limitations when it comes to purchasing cryptocurrencies via exchanges, and now one of the country’s major banks has just made it impossible for a group of individuals.

In the U.S. a group of major banks banned together two months ago to ban cryptocurrency purchases with credit cards. Bank of America (NYSE:BAC), J.P Morgan Chase (NYSE:JPM) and Citigroup (NYSE:C) have completely halted these purchases via credit card. While these U.S banks haven’t banned E-transfer purchases from checking accounts like BMO has, this could be the next step.

Featured Image: BigCoin

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