Earlier this week, the Supreme Court of India annulled the Reserve Bank of India (RBI) circular which aimed to curb cryptocurrency trading. The RBI is now planning to file an appeal because it is concerned that cryptocurrencies “put the banking system at risk”, reported The Economic Times.
Just last night the RBI took control of Yes Bank, the country’s number four lender. That’s the second bank in six months after the central bank stepped in over PMC Bank last September.
On April 6, 2018, the RBI issued a circular preventing banks from providing services to cryptocurrency exchanges. The tokens themselves are not banned. This led to the closure of several exchanges, accounts of some were frozen, and others shifted base out of the country.
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