The Reserve Bank of India's announcement on cryptocurrency has not only stirred the market but left both the traders and investors in a state of loss with many of them thinking of wrapping up their operations. Last week, the RBI, in its first bi-monthly Monetary Policy Committee meeting of this fiscal, announced that regulated entities already providing services to any individual or business dealing in digital currencies have been given three months to exit the relationship. "The RBI has cautioned on at least three occasions members of the public and users of virtual currency regarding risks they are exposing themselves to through these cryptocurrencies," RBI Deputy Governor B.P. Kanungo said. "We have now decided to fence RBI-regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to stop having a business relationship with entities dealing with virtual currencies forthwith, and unwind the existing relationship within three months," he added. Finance Minister Arun Jaitley had said in his Union Budget speech that crypto-currencies were not recognized as legal tender.
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