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Banks will not deal with bitcoins anymore

  • IndiaGlitz, [Thursday,April 05 2018]

Customers may no longer be able to deal with bitcoins/cryptocurrencies from banks as the Reserve Bank of India has banned them from providing such services to customers. In addition to this, you cannot also buy bitcoins via e-wallets as well.

Giving a time frame of three months to banks to exit from bitcoin dealing entities, RBI however has stated that use of blockchain in financial services will be promoted to encourage transparency. It is also worth mentioning here that recently several banks have banned their customers because they were found to be trading in virtual currencies. 

Going by RBI’s decision it must be understood that customers will not be able to transfer funds from bank accounts into theri crypto-trading wallets.

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