Don’t Quote Old Circular To Warn Customers On Crypto: RBI To Banks

The Reserve Bank of India (RBI) has asked banks, NBFCs and payment system providers not to refer to its earlier virtual currencies-related circular, that was issued in April 2018 and later aside by the Supreme Court, in their communications to customers.

The latest directive comes against the backdrop of some banks and regulated entities citing the circular and cautioning customers against dealing in virtual currencies.

The circular pertaining to virtual currencies was issued by the Reserve Bank of India (RBI) on April 6, 2018 and the same was set aside by the Supreme Court on March 4, 2020. As per the 2018 circular, entities regulated by RBI were prohibited from “providing any service in relation to virtual currencies including those of transfer or receipt of money in accounts relating to the purchase or sale of virtual currencies”. S-

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