Understanding RBI's latest stand on cryptocurrency and what it means for investors The Reserve Bank of India has no option but to allow cryptocurrencies after the Supreme Court lifted the banking ban last year on March 4, 2020. Cryptocurrency players urge the government against the ban and seek engagement to build consensus on crypto regulation (Image Source: IANS) Share Updated: Jun 1, 2021, 07:38 PM IST The Reserve Bank of India (RBI) on Monday came out with an important clarification on cryptocurrencies saying that the banks cannot refer to its April 2018 circular to caution their customers against trading in cryptocurrencies. The RBI clarification comes after the State Bank of India and HDFC Bank cautioned their customers against dealing in virtual currencies such as Bitcoin citing the April 2018 order of the RBI. Banks also warned customers that failure to adhere to the advisory may lead to cancellation or suspension of their cards.