Banks in India are reportedly softening their stance on crypto trading – Business Insider India

Banks in India are reportedly softening their stance on crypto trading – Business Insider India

  • Crypto investors in India may be able to use net banking and debit cards to buy cryptocurrencies again.
  • Banks in India had withdrawn services from crypto exchanges earlier this year, after an informal warning from the Reserve Bank of India (RBI).
  • According to a report by the Economic Times, most customers switched over to using UPI to buy crypto — a channel that falls outside the purview of banks.

After months of uncertainty, Indian banks seem to be relaxing their stance on cryptocurrencies. According to a report by the Economic Times (
ET), the country’s top crypto exchange WazirX has listed Internet banking payment options from noted public and private banks in the country.

The development comes even as the Indian government yet to make up its mind about how to govern cryptocurrencies in the country. According to Finance Minister Nirmala Sitharaman, India’s crypto bill is waiting on approval from the cabinet.

However, sources told Business Insider that a new committee may be formed to reword the bill. The government may be softening its stance on cryptocurrencies in the face of surging popularity in Tier II and Tier III towns.

Advertisement

Banks allowing for crypto transactions may not entirely have to do with them becoming crypto friendly, following in the government’s footsteps. According to the report by ET, banks
Source…