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HDFC Bank retracts crypto warning after RBI’s May 31 circular SECTIONS Share Synopsis HDFC Bank has officially asked customers to ignore its previous communication warning them about dealing in cryptocurrency transactions. TNN The notice sent by HDFC Bank on cryptocurrency transactions had cited RBI’s 2018 circular that was struck down by the Supreme Court in 2020. Mumbai: HDFC Bank has officially asked customers to ignore its previous communication warning them about dealing in cryptocurrency transactions. The notice had cited a 2018 circular by the Reserve Bank of India (RBI) that was struck down by the Supreme Court in 2020. RBIclarified earlier this week that banks should not refer to the said circular to caution customers about trading in cryptocurrency. ....
Singapore had proactively taken measures to prevent nefarious activity without impending technology innovation, which India could learn from, Blockchain and Crypto Assets Council (BACC) says at a virtual conference. ....
Blockchain doesn t need cryptocurrency: McKinsey Digital’s Asia head SECTIONS Share Synopsis It would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can t have one without the other”, says Anand Swaminathan of McKinsey Digital. ETtech Anand Swaminathan, head of McKinsey Digital in Asia. Mumbai:Anand Swaminathan, the head of McKinsey Digital in Asia, told ET that it would be a mistake to think that cryptocurrencies and blockchain technology are “so intertwined you can t have one without the other”. The Indian government’s reported plan to ban all cryptocurrencies has drawn sharp reactions from members of the crypto community, who say banning cryptocurrencies while simultaneously encouraging the use of blockchain technology, on which these virtual currencies are built, would be like permitting the use of electric vehicles but not funding them. ....
The arguments for India to embrace Bitcoin wholeheartedly are sensationalist. A large economy like India cannot embrace something that has so many unknowns. ....