RBI asks banks for customer due diligence for transactions in virtual currencies
The Hindu
RBI asked banks, as well as other entities to continue to carry out customer due diligence processes in line with regulations governing standards
The Reserve Bank of India (RBI) has advised banks and other regulated entities to continue to undertake due popularly known as crypto currencies. This came in the form a clarification issued by the RBI the wake of media reports concerning Virtual Currencies (VC) wherein it said its earlier order on this subject is no longer valid as it had been set aside by the Supreme Court. “It has come to our attention through media reports that certain banks/ regulated entities have cautioned their customers against dealing in virtual currencies by making a reference to the RBI circular dated April 6, 2018,” the RBI said in a circular on Monday.More Related News