{"id":21915,"date":"2020-01-22T19:08:21","date_gmt":"2020-01-22T18:08:21","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=21915"},"modified":"2020-01-22T19:08:21","modified_gmt":"2020-01-22T18:08:21","slug":"cryptocurrencies-are-not-banned-in-india-says-the-rbi","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/cryptocurrencies-are-not-banned-in-india-says-the-rbi\/","title":{"rendered":"\u2018Cryptocurrencies are not banned in India\u2019, Says the RBI"},"content":{"rendered":"
Cryptocurrencies such as Bitcoin are not banned in India. These are the sentiments of the Reserve Bank of India (RBI), which is the country\u2019s central bank. <\/p>\n
The RBI has come under fire from local parties such as the Internet and Mobile Association of India (IAMAI) which took the central bank to the country\u2019s Supreme Court over a directive it issued in 2018 which barred regulated businesses from associating with other businesses engaged in the use and trade if virtual currencies.<\/p>\n
Following this directive, several cryptocurrency exchanges in India including popular ones such as Zebpay and Koinex ended up closing up shop due to lack of access to banking services. Other exchanges opted to offer crypto to crypto services and others introduced peer to peer trades which helped avoid the direct use of the local banking services.<\/p>\n