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of <h1>RBI Bans Banks and Financial Institutions from Dealing in Virtual Currencies Citing Risks Under Banking and RBI Acts.</h1> The Reserve Bank of India has prohibited all regulated entities, including banks and financial institutions, from dealing in virtual currencies (VCs) such as Bitcoins. Effective immediately, these entities are barred from providing any services related to VCs, including maintaining accounts, trading, or facilitating transactions. Entities currently offering such services must terminate their relationships within three months. This directive is issued under the authority of various sections of the Banking Regulation Act, Reserve Bank of India Act, and Payment and Settlement Systems Act, citing risks associated with virtual currencies.
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