Amidst the skyrocketing prices of cryptocurrencies, the question on everyone's mind is whether we can buy bitcoin in India.

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Can you buy cryptocurrencies like bitcoin in India? RBI gave this information

Cryptocurrencies like bitcoin are very much discussed these days. Amidst the skyrocketing prices of these cryptocurrencies, the question on everyone's mind is whether we can buy bitcoins in India. Due to the old order of RBI, there was confusion about this till now. But now there is news of relief for investors. On Monday, the Reserve Bank of India (RBI) clarified its stand in this matter. The central bank said that there is no restriction on cryptocurrencies in India. The Supreme Court has already set aside the RBI's earlier stay notification.

Let us tell you that the country's big banks HDFC Bank, ICICI Bank and SBI Cards and Payment Services recently decided not to provide services to customers working in virtual currency and there is talk of closing the account of such account holders. . Somehow this caused trouble for investors investing in cryptocurrencies.

Now the Reserve Bank of India (RBI) has issued a circular, which has brought great relief to crypto investors. RBI in its circular said that there is no restriction on buying cryptocurrencies like bitcoin in India, so banks should not refer to the 2018 circular issued by RBI to stop crypto transactions, which is the Supreme Court decision of the year 2020.

KYC compliance required

After this clarification of RBI, the way for buying and selling of cryptocurrencies in India has been cleared. RBI has asked banks and other financial institutions to strictly adhere to KYC norms, Money Laundering Act (PMLA) and other rules while investing in cryptocurrencies.

1 crore investors in India

Let us tell you that the number of investors investing in cryptocurrencies in India has reached close to 10 million. According to estimates, $1.36 billion i.e. Rs 10 thousand crore has been invested in various cryptocurrencies in India.

Can you invest through e-banking?

According to experts, this circular does not mean that the country's big banks are obliged to restart UPI or online banking for investing in crypto. RBI has left this facility to the banks whether to provide this facility or not.