Indian cryptocurrency exchanges flounder as banks cut ties after RBI frown
Indian cryptocurrency exchanges are scrambling to secure viable, permanent payment solutions to ensure seamless transactions after banks and payment gateways started cutting ties with them, six industry insiders told Reuters. The exchanges are struggling to cope after the central bank, the Reserve Bank of India (RBI), which has said it does not favour digital currencies, out of concern over their impact on financial stability, informally asked banks to steer clear. Customer complaints have inundated all India’s key exchanges as the pullout by major payment gateways has hit transactions, according to social media and users. There is no official data, but India has nearly 15 million crypto investors, who hold more than 100 billion rupees ($1.34 billion), according to industry estimates. (Reuters)