India’s central bank, the Reserve Bank of India (RBI) has caused a stir on April 5, 2018 by announcing that it would not allow regulated institutions like banks, payment service providers and non banking finance companies (NBFCs), to provide services to persons or businesses that deal with cryptocurrencies.
The RBI undertook this step due to a number of reasons which they claim as, “consumer protection, market integrity and money laundering, among others.” As the statement cites: