Days after it asked the banks not to cite an earlier to order to block cryptocurrency transactions, the Reserve Bank of India on Friday said that it has major concerns around cryptocurrency.

“RBI’s position is that we have major concerns around cryptocurrency, which we have conveyed to the government. But the central bank does not give investment advice. It is up to each investor to make their own appraisal and due diligence and take a very careful call on their own investments,” Shaktikanta Das, Governor, RBI, said at a press briefing.

“There is no change in RBI’s position. Our circular clarifies our position very well. The Supreme Court set aside RBI’s circular of 2018. But it came as a surprise that some banks were still citing that circular in their correspondence with customers. We had to set the record straight that that circular of RBI has been set aside and it is not correct to refer to it,” he explained.

In a fix

While banks have stopped warning customers against cryptocurrency transactions, investors are still not sure on the way forward.

Cryptocurrency investors do not expect to face problems in banking transactions after the notification by the Reserve Bank of India to ignore its directive post the Supreme Court ruling. While most banks said they will abide by the RBI directive, they are looking for more regulatory clarity.

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