Big Indian Banks Has Changed Opinions About Cryptocurrencies and Bitcoin Investors
Indian banks like State Bank of India, ICICI Bank, HDFC Bank and Yes Bank, which previously caused cryptocurrency companies and investors various difficulties and banned companies from doing business with them, are now embracing it.
Leading banking institutions operating in the country, allow their customers to use their bank accounts to trade cryptocurrencies.
Sources who spoke to the Economic Times, but were not named, say that banks also provide various amenities to cryptocurrency exchanges.
In April 2018, The Reserve Bank of India issued an order banning the use of bank systems for cryptocurrency-related transactions. Following this order, the accounts of major cryptocurrency exchanges were suspended. The ban was lifted by the Supreme Court earlier this year.
“Banks have previously taken a cautious approach, although the Supreme Court overturned the central bank’s cryptocurrency ban in March, ” Gaurav Dahake, founder and CEO of Bitbns, a Bangalore-based cryptocurrency exchange, told CoinDesk. But with the price momentum in Bitcoin, many more customers have begun to demand that they open a special account for cryptocurrency trading, and banks have responded to this demand.” said.
As banks resume serving cryptocurrency exchanges and traders, the Indian government’s position on cryptocurrency trading remains unclear. As of September, the government was said to have raised the cryptocurrency ban, but on the other hand, it was also investigating the benefits of blockchain in managing land records, the pharmaceutical supply chain and educational certificate records.