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Don't deal with entities related to Bitcoins, RBI tells banks and NBFCs

The RBI has repeatedly cautioned users, holders and traders of virtual currencies, including bitcoins


Press Trust of India 

The Reserve Bank of India (RBI) on Friday asked banks, non-banking financial companies (NBFCs) and payment service providers to disassociate themselves from entities dealing with virtual currencies, including bitcoins, with immediate effect. The notification comes a day after the central bank in a 'Statement on Developmental and Regulatory Policies' warned of risks associated with virtual currencies.

The RBI has repeatedly cautioned users, holders and traders of virtual currencies, including bitcoins. The services flagged by the RBI include maintaining accounts, ...

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First Published: Sat, April 07 2018. 01:48 IST