bitcoin: Indian banks rush to join bitcoin party

December 11, 2020 Editor Bitcoin 0

According to a banker, his bank was dealing with some “select” cryptocurrency exchanges, but was cautious this time around.

Synopsis

In 2018, the Indian government and the Reserve Bank of India had issued several warnings against dealing in cryptocurrencies, including Bitcoins. The government had even compared those with Ponzi schemes.

Mumbai: Two years after top banks stopped dealing with cryptocurrency exchanges and their customers on the central bank’s direction, the two sides are now back in business, according to four people with direct knowledge of the matter.Top banks including State Bank of India, HDFC Bank, Yes Bank and ICICI Bank have started allowing customers to use bank accounts on cryptocurrency trading platforms, they said.Also, these banks are reaching out to

BY

ET Bureau

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