As a tremendously harsh downfall, the RBI has foresighted masses inclusive of holders & traders of the digital cryptocurrencies like bitcoins.

“A person will not be able to transfer money from his savings account to his cryptowallet” says, Abizer Diwanji, Head, Financial Services, EY India.

As per the sources, an individual will not be permitted to make a purchase or acquire any form of cryptocurrency via e-wallets or banks, etc. effective immediately.

The command of shunning implementation of bitcoins has been spread across the country. According to the first policy statement of the fiscal year of 2018-2019, the banks have been instructed to halt dealings involving absolutely all forms of digital currencies. The deputy governor has highlighted on the fact that digital currencies are receiving international prominence, resulting in irregular and unpredictable responses. They are also said to endanger financial stability.

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