Saturday, May 5, 2018

Prohibition on dealing in Virtual Currencies (VCs)


If you are not much of a reader, simply click on the link and listen
It has been decided that, with immediate effect, entities regulated by the Reserve Bank shall not deal in VCs or provide services for facilitating any person or entity in dealing with or settling VCs.
Such services include maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer or receipt of money in accounts relating to purchase or sale of VCs.
Regulated entities which already provide such services shall exit the relationship within three months from the date of this circular.
Based on RBI notification dated 6th April 2018. For any further clarification, please visit www.rbi.org.in ...............Poppy

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