In April this year, the Reserve Bank of India (RBI), through a circular, gave a window of three months to banks and other RBI-regulated entities to wind up existing relationships with firms or individuals dealing in cryptocurrencies. RBI deputy governor B.P. Kanungo had said that virtual currencies can “adversely impact market integrity and capital control. And if they grow beyond a size, they can endanger financial stability as well”. This came after several warnings to investors from both the RBI as well as the government.
The three-month window will come to an end on 5 July. We spoke to experts to understand the way forward, particularly for investors.
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