RBI Prohibits dealing in Virtual Currencies (VCs)

Apr 10, 2018 | by Avantis RegTech Legal Research Team

The Reserve Bank of India (RBI) in view of the associated risks has decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs. Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts relating to purchase/ sale of VCs.

Regulated entities which already provide such services shall exit the relationship within 3 months from the date of this circular.

 [RBI/2017-18/154 DBR.No.BP.BC.104 /08.13.102/2017-18]

URL: https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NOTI15465B741A10B0E45E896C62A9C83AB938F.PDF


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