The Reserve Bank of India has placed new regulations on financial institutions. Some banks are even making their members sign contracts that state they will not use any cryptocurrencies. The new set of rules is basically forcing customers to pick a side between digital assets and banks. While many citizens of India are firm believers of cryptocurrencies, currently it is a difficult process for the country to adopt the idea. In one of the bank’s disclosures it asks members to sign an agreement that states, “will not deal with any transactions related to Crypto-currency including Bitcoins”. The bank is stating that they are following the IRB regulations. The central bank of India is against cryptocurrencies, because of volatility and security. The IRB has not banned digital currencies completely, so citizens of India can still use them. However, by banks not accepting digital currencies, it makes it hard for investors because they have to choose a side.
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