Ever since the banking ban imposed on <a href="https://www.cryptoknowmics.com/news/start-your-crypto-business/">cryptocurrency business</a> in India has been removed, the interest and questions related to it have gone up. There's a lot of dilemmas still prevailing in the community especially about the regulations and way forward for the cryptocurrency future in India and what has changed since the ban was deemed unconstitutional.

Unocoin co-founder, BV Harish filed an RTI asking Reserve Bank of India about bank accounts for crypto service providers, RBI <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/rbi-says-no-curbs-in-providing-bank-accounts-to-crypto-traders/articleshow/75990202.cms" target="_blank" rel="noopener">responded </a>by saying that till now there's no prohibition on it. There's a belief that banking account for crypto traders are being denied in the country but the RBI  regulator says that no such prohibition from their side exists and traders can have bank account and trade in cryptocurrencies such as bitcoin.

The query by Unocoin co-founder was registered in the form of an RTI and the purpose was to gain more clarity on this matter as according to Harish, the banks despite the removal continue to prohibit crypto trading in the country. Most banks were waiting for further clarification by RBI on this matter and now Harish believes that since the RBI has given the green light and cleared their stance banks should not prohibit crypto trading and provide bank accounts for these matters without any issues.
<blockquote class="twitter-tweet">
An RTI was filed by <a href="https://twitter.com/bvharish?ref_src=twsrc%5Etfw">@bvharish</a> Co-founder of Unocoin.
Question: Does RBI prohibited any banks from providing the bank accounts to crypto exchanges or crypto traders ?

Answer from RBI: As on date no such prohibition exist.

Great, now you can show this RTI to your bank. ?? <a href="https://t.co/n5iqGCSQtd">pic.twitter.com/n5iqGCSQtd</a>

— Crypto Kanoon (@cryptokanoon) <a href="https://twitter.com/cryptokanoon/status/1264548027144028160?ref_src=twsrc%5Etfw">May 24, 2020</a></blockquote>
<h2>Regulatory Clarity by RBI a Must</h2>
The ruling by the Supreme Court of India was monumental for the Indian crypto community. It brought back many exchanges which decided to shut down their operation when RBI interrupted 2 years ago. While they've started to function again and investments from foreign exchange are on the way too to enhance cryptocurrency usage in the country, the lack of regulations is a big hurdle.
<blockquote class="twitter-tweet">
$50 Million 'Blockchain For India' fund by WazirX &amp; Binance. Here's our official blog post. Let's build India's blockchain ecosystem <a href="https://twitter.com/hashtag/IndiaWantsCrypto?src=hash&amp;ref_src=twsrc%5Etfw">#IndiaWantsCrypto</a> <a href="https://t.co/m2GH9de6IN">https://t.co/m2GH9de6IN</a>
— Nischal (WazirX) ⚡️ (@NischalShetty) <a href="https://twitter.com/NischalShetty/status/1239810456199585792?ref_src=twsrc%5Etfw">March 17, 2020</a></blockquote>
While the RTI filed by Unocoin co-founder provides clarity on one matter, multiple issues are yet to be addressed and solved to facilitate crypto adoption in the country.

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RBI Says Banks Can Provide Its Services to Crypto Traders

Unocoin co-founder BV Harish filed an RTI regarding crypto trading accounts and RBI has responded by saying RBI doesn't prohibit this act.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

RBI Says Banks Can Provide Its Services to Crypto Traders

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