RBI cautions banks' chiefs on risk involved in cryptocurrency trade

The central bank, on the other hand, has been vocal against crypto currencies

Less than a year after the Supreme Court struck down the ban on crypto currencies imposed by the Reserve Bank of India (RBI), the regulator has shot off a letter to commercial banks, alerting them about the risks involved with them.

According to highly-placed sources in the central bank, a formal communication on the matter was sent to banks chiefs about 10 days ago.

“The RBI has sensitised the banks about dealing in crypto currencies. Banks were told about the various risks involved,” said a source. “Banks have been asked to factor in the risks emanating from cryptos as part of their