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of <h1>RBI Bans Banks from Virtual Currency Services Due to Risk Concerns, Citing Banking and RBI Acts, Effective in 3 Months.</h1> The Reserve Bank of India (RBI) issued a circular on April 6, 2018, prohibiting all regulated entities, including banks and financial institutions, from dealing in or providing services related to virtual currencies (VCs) such as Bitcoin. This decision is due to the risks associated with VCs. Services banned include account maintenance, trading, settling, clearing, and accepting VCs as collateral. Entities already engaged in such activities must cease these relationships within three months. The directive is enforced under various sections of the Banking Regulation Act, the Reserve Bank of India Act, and the Payment and Settlement Systems Act.
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