Media: Indian banks have started serving crypto traders again
India’s major banking institutions have once again started servicing accounts belonging to cryptocurrency exchanges and traders. This was reported by The Economic Times, citing its sources.
According to it, banks such as ICICI Bank, HDFC Bank and Yes Bank have started servicing crypto traders.
To recall, the accounts of crypto exchanges were blocked after the Reserve Bank of India banned commercial banks from processing transactions involving digital assets. Such a ban came into effect back in April 2018.
However, earlier this year, the country’s Supreme Court overturned it.
According to Gaurav Dahake, CEO of Bangalore-based Bitbns exchange, banks have been slow to service customer accounts related to cryptocurrencies. Even the Supreme Court’s decision did not make them change their stance.
However, in the second half of 2020, when the value of bitcoin began to skyrocket, many customers of banks started demanding that they service digital currency-related accounts. For some investors, the banking sector began to introduce relaxations.
Sumit Gupta, CEO of CoinDCX, confirmed that there are banks that have indeed started to return to the crypto sphere after the Supreme Court’s decision to lift the ban.
The Indian authorities‘ stance on the cryptocurrency industry is still unclear. On the one hand, the Central Bank bans the banking sector from dealing with exchanges and bitcoin traders. But on the other hand, officials are already considering taxation options for crypto trading revenues.
Translated with www.DeepL.com/Translator (free version)