Published on June 13th, 2018 | by bitcoin0
Banning Crypto Accounts Without Research From India’s Central Bank Admits
How It Started
India’s central bank, the Reserve Bank of India, started warning its citizens against the dangers of investing in cryptocurrencies in 2013, which was followed by two other warnings in 2017, before coming down hard on the industry earlier this year.
Kanungo who spoke to reporters said there was a three-month grace period for businesses providing such services to wind down operations.
The bank said the move was motivated by the need to protect Indian customers and prevent money laundering.
Since the ban on crypto, there have been claims that blockchain businesses could be forced overseas.
Russia and Japan have each tried to ban crypto businesses before ultimately softening their stances.