India Bans Banks from Processing Cryptocurrency Purchases

Indian residents can no longer purchase cryptocurrency through their bank accounts, according to new measures adopted by the Reserve Bank of India (RBI). The sweeping policy prohibits RBI-regulated institutions from allowing their customers to purchases cryptocurrencies, and it also bars banks from providing services to businesses dealing with or settling virtual currencies. The RBI statement acknowledges that blockchain technology has many potentially-beneficial applications but argues that cryptocurrencies raise a number of concerns related to consumer protection, market integrity, and preventing financial crimes.

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