[Cryptography] India Crypto Currency Ban

[Sandeep Kamboj]

*India's central bank has announced a ban on the sale or purchase of
crypto-currency.*


*In its first policy statement for the current fiscal year, the bank said
that financial institutions can no longer deal with entities that trade in
virtual currencies such as Bitcoin.*


*The Reserve Bank of India (RBI) has given banks three months to unwind
their exposure to such exchanges.*


*There are around five million digital currency users in India.*


*"In view of the associated risks, it has been decided that, with immediate
effect, entities regulated by RBI shall not deal with or provide services
to any individual or business entities dealing with or settling [virtual
currencies]," the bank said in a statement.*
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