Thousands of new users are piling into the system every day.
There are over 10 million crypto investors in India with total holdings of over 100 billion rupees.
ICICI Bank has already asked payment service companies that it works with to stop all crypto-related payment transactions.
MUMBAI (Reuters) - India`s central bank is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry, three sources told Reuters
The guidance comes as India is crafting a law to ban cryptocurrencies and penalize anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the COVID-19 crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors` confusion.