Commercial banks in the country will no longer be able to transact in crypto currencies 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. Crypto currency trade in rupees will stop from midnight, while exchanges or crypto currency companies will now be unable to avail loans or hold bank accounts. Investors would only be able to do peer-to-peer transactions with a fellow trader and such transaction would only be possible in the form of exchange with any another crypto currency.
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