India Central Bank Says It Hasn't Banned Crypto

The Reserve Bank of India said regulated entities cannot offer crypto assets in the country, but that does not equate to an overall digital asset ban.

"Firstly, the RBI has not prohibited VCs in the country. The RBI has directed the entities regulated by it to not provide services to those persons or entities dealing in or settling VCs".India ban dramaIn an effort of regulation, India's central bank issued a statement in April 2018, limiting services to anyone participating in crypto asset usage.

"In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling VCs.".

After the RBI's statement, the Internet and Mobile Association of India, a non-profit group dedicated to digital growth, petitioned for a reversal of the crypto-related regulation, Cointelegraph reported in July 2018.

On Jan. 19, 2020, Cointelegraph reported on a recent Indian Supreme Court hearing, citing Jan. 21 as the expected date on which RBI will provide further clarity on the situation.