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09 July 2020

India's Central Bank Removes Lingering Confusion Over Banking for Crypto Firms - CoinDesk

India's Central Bank Removes Lingering Confusion Over Banking for Crypto Firms - CoinDesk


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“Since the Supreme Court’s decision, many crypto companies have started resuming their operations by opening up banking channels.

However, many banks are still in a dilemma whether to offer their services to crypto companies or individuals since there has been no circular from the RBI ordering the lifting of the ban,” Ashish Singhal, CEO of the cryptocurrency exchange CoinSwitch.co, told CoinDesk. .

Meanwhile, Nischal Shetty, founder and CEO of Mumbai-based cryptocurrency exchange WazirX, said, “while the Supreme Court ruling had made it very clear that there are no curbs on banking for crypto businesses, the RBI reply to [the] RTI filing is very much welcome.

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