The Reserve Bank of India late Friday issued an order saying that all entities under its regulation would have three months to cut ties with any service dealing in cryptocurrency. The order encompasses the nation’s banks, potentially making it much more difficult for Indians to buy cryptocurrency.
According to India’s Economic Times, the RBI did acknowledge that the technologies underlying cryptocurrency could improve the efficiency of financial systems. But the body cited consumer protection and anti-money laundering efforts as motives for the dramatic clampdown.
At the same time, the State Bank of Pakistan issued similar restrictions to that nation’s banks and financial servicers. The SBP statement further clarified that digital currencies are “not legal tender, issued or guaranteed by the Government of Pakistan,” and that “SBP has not authorised or licensed any individual or entity for the issuance, sale, purchase, exchange or investment in any such Virtual Currencies/Coins/Tokens in Pakistan.”