Banks to cease cryptocurrency transactions from Friday

Mumbai, July 5: Commercial banks in the country will no longer be able to transact in cryptocurrencies like Bitcoin from Friday in view of a Reserve Bank of India (RBI) directive in April. In a bid to protect consumers and curb money laundering and other financial irregularities, the RBI had, on April 5, barred all its regulated entities, including banks, from dealing in virtual currencies like bitcoins, following its earlier multiple warnings on their risks. Regulated entities already providing services to any individual or business dealing in digital currencies had been given three months to exit the relationship. (IANS)