Giants banks reopened doors for trading in bitcoins

0
0

In the year 2018, the Central Government and the Reserve Bank had issued several warnings against transactions in cryptocurrencies including bitcoin. The government also compared Bitcoin with Ponzi schemes.

Updated: Dec 11, 2020, 05.29 PM IST

In the year 2018, the Central Government and the Reserve Bank had issued several warnings against transactions in cryptocurrencies including bitcoin. The government also compared Bitcoin with Ponzi schemes.
Mumbai: Two years ago, the country’s top banks stopped serving cryptocurrency exchanges and their customers on the instructions of the Reserve Bank of India (RBI). Now they are again giving the facility of using bank accounts to customers for payment to cryptocurrency exchanges. Four people directly related to the case gave this information.

These people say that the country’s top banks State Bank of India, HDFC Bank, Yes Bank and ICICI Bank have started allowing customers to use their bank accounts on the cryptocurrency trading platform. Not only this, these banks are trying to reach cryptocurrency exchanges and are offering them many facilities. However, these banks did not respond to ET’s questions. These banks suspended the bank accounts of many of their customers in the year 2018.

In the year 2018, the Central Government and the Reserve Bank of India had issued several warnings against transactions in cryptocurrencies including bitcoin. The government also compared Bitcoin with Ponzi schemes.

Read also:
Why foreign funds will not be able to invest more in IndusInd shares?

RBI has warned that no company will be granted a license to trade in Bitcoin or any other virtual currency or for any kind of operation. In March 2020, the Supreme Court rejected the RBI circular related to cryptocurrency. This cleared the way for trading in cryptocurrency again.

Trading volume of the top cryptocurrency exchanges has been witnessing a surge for the past few months, as the price of bitcoin has reached close to 20 thousand dollars. Cryptocurrency exchanges Coinswith, Coindcx, ZebPay, WazirX and Unocoin allow trading through their banking channels. WizirX CEO Nischal Shetty says that we do not allow cash transactions on our exchange and it is necessary for all customers to have a bank account.

Like our Facebook page for regular updates on personal finance and stock market in Hindi. To like this page
click here.

Topic

State Bank of India

RBI

Reserve Bank of India

Bitcoin trading

ICICI Bank

Mumbai

Bank accounts

Related news

Buy State Bank of India, target Rs 370: Jefferies Group

Buy State Bank of India, target Rs 296: Dharmesh Shah

Buy State Bank of India, target Rs 400.0: HSBC

Buy State Bank of India, target Rs 310.0: $ organizationName

Sell ​​State Bank of India, target Rs 290: Manas Jaiswal

.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here