Clamping down on virtual currencies such as
bitcoin, the Reserve Bank of India (RBI) on Thursday announced to ring fence
banks and financial institutions from dealing in them. In its first policy
statement of fiscal year 2018-19, the central bank highlighted that the
banks should stop dealing with the entities that deal in digital currencies,
such as bitcoins. The central bank has on multiple occasions in the
past cautioned users against use of virtual currencies including
bitcoins. Bitcoin is the world's largest cryptocurrency.
"To ring fence the RBI regulated entities (banks) from
the risk of dealing with entities associated with virtual currencies, they
(banks) are required to stop having business relations with the entities
dealing in virtual currencies forthwith. And (they are also required to) unwind
the existing relation in three months," said B P Kanungo, deputy governor
of RBI.
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