RBI asks banks to stop services to those dealing in virtual currencies

The Reserve Bank today directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies like bitcoins, so as to protect consumer interest and check money laundering. In the first bi-monthly monetary policy review of 2018-19, RBI said virtual currencies (VCs) variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering. Speaking at a press conference after the release, D...