Indian banks refuse to work with cryptocurrency

Recently, the Supreme Court of India lifted the ban on cryptocurrency transactions in the country. However, somebanks still refuse to provide their services to persons involved in the sale or purchase of digital currencies.

In 2018, the country's Central Bank issued a decree,prohibiting all regulated institutions from providing their services to companies or persons dealing with cryptocurrencies. In March this year, the country's Supreme Court completely lifted this ban.

On March 12, lawyer Mohammed Danish filed with the ReserveBank (RBI) A statement stating that some local banks “arbitrarily refuse” to provide services to crypto traders. The statement states:

In most cases, banks did not provideno written explanations, but verbally informed their clients that they were waiting for RBI comments on this issue. The refusal of banks to provide their services is absolutely illegal and is nothing more than arbitrariness, because they intentionally do not comply with the order of the Supreme Court.

The lawyer also requires the RBI to issue an official notice to all banks as soon as possible to ensure that they are acting within the law.

Lack of proper coordination with regulatedinstitutions could be attributed to RBI's reluctance to comply with the court order. As previously reported, the Central Bank of India plans to file a petition to review the Supreme Court's decision. 

Based on materialscointelegraph.com