India’s Central Bank RBI Urges Banks to Cut Ties With Crypto Businesses and Traders
India's central bank, the Reserve Bank of India (RBI), is not a big fan of cryptocurrencies. It has warned commercial banks against servicing digital currency businesses, including exchanges and traders.
RBI concerned about overseas capital outflow
A Reuters report revealed that the RBI has sent warnings to commercial banks in India, against serving digital currency-related businesses. Citing sources who wished to remain anonymous, the outlet revealed that the RBI is concerned about the outflow of capital overseas and the risk of money laundering.A senior executive at a bank contacted by the RBI commented, "The regulator has been unofficially asking us that why we are dealing in such business when it is ultra-speculative. A lot of money flows overseas via this trade, which the RBI is not comfortable with as it may lead to money laundering."
Banks limit their exposure
A number of banks including Axis Bank, Citibank and Kotak Mahindra Bank are limiting their exposure to the cryptocurrency market. Meanwhile, Indusind Bank is in the process of halting all crypto-related transactions. "Axis Bank has taken a pretty negative stance against crypto," explained an anonymous crypto exchange CEO. "They are citing internal policy and risk measures and have stopped transactions with crypto exchanges."Although Indian regulators do not have a positive attitude towards cryptocurrencies, the industry continues to soar in the Asian country. According to unofficial figures, over ten million Indians have invested in digital currencies. The total holdings are said to be over 100 billion rupees ($1.36 billion).
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