The Reserve Bank Of India made its customers confirm that cryptocurrencies are not illegal. They made it clear that banks are unable to shut their Crypto account.
Customers of the Reserve Bank of India confirmed that cryptocurrencies are not illegal. They stated that banks cannot shut off their Crypto account.
It has also enabled financial institutions to conduct due diligence on consumers who are involved in digital assets:
“Banks and other entities mentioned above may, however, continue to conduct customer due to diligence processes following regulations governing standards for Know Your Customer (KYC), Anti-Money Laundering (AML), Combating Financing of Terrorism (CFT), and obligations of regulated entities under the Prevention of Money Laundering Act (PMLA), 2002, in addition to ensuring compliance with the rules of the Foreign Exchange Management Act (FEMA) for foreign remittances.”