India’s Top Banks Reopened Doors for Trading in Cryptocurrencies

India’s Top Banks Reopened Doors for Trading in Cryptocurrencies

In 2018, all the top banks in India stopped serving cryptocurrency exchanges and their customers on the orders of the Reserve Bank of India (RBI). Now they are again giving the facility of using bank accounts to customers for payment to cryptocurrency exchanges. Four people directly related to the case gave this information.

They say that the country’s largest banks State Bank of India, HDFC Bank, Yes Bank and ICICI Bank have started allowing customers to use their bank accounts on the cryptocurrency exchange. Not only this, these banks are trying to reach cryptocurrency exchanges and are offering them many facilities. However, these banks did not respond to Coin Gyaan questions. These banks suspended the bank accounts of many of their customers in the year 2018.

In the year 2018, the Reserve Bank of India banned transactions in cryptocurrencies including bitcoins from all banks in India. The government also compared Bitcoin with Ponzi schemes.

RBI has warned that no company will be granted a license to trade in Bitcoin or any other virtual currency or for any kind of operation. In March this year, the Supreme Court rejected the banking ban circular of the RBI related to cryptocurrency. This cleared the way for trading in cryptocurrency again.

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The trading volume of top cryptocurrency exchanges has been witnessing a boom for the past few months, as the price of bitcoin has reached close to 20 thousand dollars. Cryptocurrency exchanges Coinswith, Coindcx, ZebPay, WazirX and Unocoin allow trading through their banking channels. WizirX CEO Nischal Shetty says that we do not allow cash transactions on our exchange and it is necessary for all customers to have a bank account.