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India’s central bank is not showing any signs of softening its stance towards cryptocurrencies.

India's central bank is not showing any signs of softening its stance towards cryptocurrencies

Indian Central Bank remains anti-Crypto, affirming no changes in its stance. However, the Supreme court overturned the central banks infamous circular directing banks to cease servicing Crypto firms.

Shaktikanta Das

However, India’s central bank is not showing any signs of softening its stance. Shaktikanta Das is the governor of the RBI. He reiterated the Institutions position in a recent press conference. He said that they have significant concerns about cryptocurrency, which they have conveyed to the government.

Governor’s Comments

However, the governor’s comments came after the Reserve Bank of India had been prompted to clarify that banks should not continue to site the RBI’s now-defunct circular as a ground for refusing crypto services to firms.

Recent Media Reports

According to recent media reports suggest, the document still provided an alibi for banks reluctant to deal with entities from the Crypto space. This is happening, although the supreme court had ruled the ban disproportionate and struck it down in March 2020.

Reserve Bank of India

Das spoke to the reporters that the central bank wants to set the record straight. He said that banks have to set aside the RBI circular. However, banks continued to be reluctant. Despite its repeal to open the industry amid a General atmosphere of uncertainty on the future of Crypto in India.

Anonymous source

An anonymous person claimed to be a senior official in India’s Finance ministry. The person also suggested that a long-discussed blanket ban on cryptocurrencies May yet be implemented in the country.


Though Das was keen to clarify the status of the circular, he emphasized that banks should continue to follow due diligence measures when it comes to dealing with cryptocurrency-related clients.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.