HDFC Bank retracts crypto warning after RBI’s May 31 circular
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HDFC Bank has officially asked customers to ignore its previous communication warning them about dealing in cryptocurrency transactions.
TNN
The notice sent by HDFC Bank on cryptocurrency transactions had cited RBI’s 2018 circular that was struck down by the Supreme Court in 2020.
Mumbai:
HDFC Bank has officially asked customers to ignore its previous communication warning them about dealing in cryptocurrency transactions.
The notice had cited a 2018 circular by the Reserve Bank of India (RBI) that was struck down by the Supreme Court in 2020. RBIclarified earlier this week that banks should not refer to the said circular to caution customers about trading in cryptocurrency.
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Yesterday, India’s crypto community rejoiced after the finance minister said the government was “not shutting all options” on cryptocurrencies. But their joy was short-lived, as Reuters reported earlier today that India is set to pass one of the world’s toughest
cryptocurrency laws.
India’s first gaming IPOIndia to ban trading, mining and owning cryptocurrencies
India will propose a law banning cryptocurrencies and will fine anyone trading, mining or even just holding these digital assets, a senior government official told Reuters. It is a huge potential blow to millions of investors piling into the red-hot asset class.
Blockchain doesn t need cryptocurrency: McKinsey Digital’s Asia head
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It would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can t have one without the other”, says Anand Swaminathan of McKinsey Digital.
ETtech
Anand Swaminathan, head of McKinsey Digital in Asia.
Mumbai:Anand Swaminathan, the head of McKinsey Digital in Asia, told ET that it would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can t have one without the other”.
The Indian government’s
reported plan to ban all cryptocurrencies has drawn sharp reactions from members of the crypto community, who say banning cryptocurrencies while simultaneously encouraging the use of blockchain technology, on which these virtual currencies are built, would be like permitting the use of electric vehicles but not funding them.
The arguments for India to embrace Bitcoin wholeheartedly are sensationalist. A large economy like India cannot embrace something that has so many unknowns.