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RBI Confirms in RTI that No Ban on Cryptocurrency Exchanges, Crypto Startups or Traders in India

Indian central bank response to right to information query by India's one of the oldest and leading crypto exchange Unocoin

Even after the removal of the Reserve Bank of India crypto banking ban by the Hon. Supreme Court, there was a lot of dilemma about the opening of bank accounts in India for crypto exchanges, crypto startups and traders. Since March, many reports also came out in which it was told that many banks still do not allow crypto users and exchanges to open bank accounts and the banks are saying that we have not yet got the new updated circular of the RBI.

But this dilemma came to an end when Harish BV, co-founder of Unocoin, asked RBI using the right to information RTI on April 25 " Has the RBI barred any bank from bank accounts for cryptocurrency companies or cryptocurrencies " and in response on May 22, RBI clarified that no such restriction has been imposed on their behalf till date.

Source - Sathvik, Co- founder of Unocoin

This also makes it clear that in India now crypto exchanges, traders and crypto startups can open bank accounts without any dilemma and they can use bank accounts easily without any hindrance.

We also talked to Unocoin co-founder and CEO, Sathvik, about this RTI and he made it more clear to us and said,

After the Supreme Court verdict we have heard that many exchanges and customers are facing issues with opening of bank accounts as they are hearing that the banks dont have a notice from RBI that should cancel the rbi notice from April 2018. So these businesses started opting for online payment gateways which are costly and subject to limitations. So this made us to go for an RTI. I hope the reply we got from them reinforces the trust among the banks and the crypto industry regarding the status quo and ease up opening of bank accounts for the industry players and customers.


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