Indian central bank tells banks not to trust a defeated crypto ban

India's central bank asked banks not to cite the 2018 circular banning them from transacting with crypto companies, reminding banks that the country's Supreme Court overturned the ban last year. The Reserve Bank of India said in its April 2018 circular that banks cannot deal with or deal with "individuals or legal entities dealing with virtual currencies". Last March, the Supreme Court of India ruled that the central bank's circular has no value and that banks can transact with crypto companies if they want to. Despite the decision, major Indian banks continue to block crypto exchanges. Industry reacts to India's turn on crypto Indian crypto exchanges continue to challenge the RBI. Last Friday, several exchanges threatened to sue the RBI in the Supreme Court after it emerged earlier this month that the RBI had unofficially told banks to cut ties with crypto firms. Finally, RBI has met the demands of crypto exchanges. "Given the order of the Honorable Supreme Court, the circular is no longer valid as of the decision date of the Supreme Court and therefore cannot be quoted or quoted," said RBI Director-General Shrimohan Yadav. a message today. Sidharth Sogani, CEO of Indian crypto intelligence firm CREBACO, told Decrypt that today's message fulfills a long-awaited formality. The RBI said it was trying to "get rid of the legal headaches" caused by the threat of lawsuits. While the RBI's message said that banks could serve all customers who meet their standards, it did not encourage banks to partner with crypto firms, and there is no sign that today's message will change much. In the fight against India's proposed crypto ban, "Multiple bank executives have said they don't allow crypto as part of their internal compliance policies, not because of the RBI," Zakhil Suresh, founder of crypto trading simulator SuperStox, told Decrypt. Suresh said banking policy is already hurting the industry. "Eva

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