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RBI to take back circular cautioning the customers about cryptocurrency trading

HDFC bank has officially announced customers to ignore its previous warnings regarding the dealings of transactions in cryptocurrency. The 2018 circular by RBI cautioning the customers about trading in cryptocurrency was stuck down by Supreme court in 2020. HDFC Bank & SBI sent official notices to its customers curbing to make any cryptocurrency transactions, else permanently closing those accounts. In an attempt to restore banking access crypto exchanges reached out to clarify their stand to banks & payment gateways. Although large banks agreed to work on crypto exchanges, smaller banks are still sceptical about supporting cryptocurrencies. Several banks like ICICI bank, Yes bank & IndusInd bank had pulled the plug of business accounts dealing with crypto & instructed payment gateways to block such exchanges.

Source: The Economic Times

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