How does India regulate cryptocurrency transactions similar to Venmo?

3 answers

• Prasanna BDec 02, 2020 · 5 years ago
  In India, cryptocurrency transactions similar to Venmo are regulated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). The RBI has issued guidelines that prohibit banks from dealing with or providing services to individuals or businesses involved in cryptocurrency transactions. This means that users cannot link their bank accounts to cryptocurrency wallets or use them for transactions. SEBI, on the other hand, regulates the trading of cryptocurrencies through registered exchanges. These exchanges need to comply with certain regulations and guidelines to ensure the safety and security of investors.
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• frzMar 24, 2024 · a year ago
  When it comes to cryptocurrency transactions similar to Venmo in India, the regulations can be quite strict. The Reserve Bank of India has taken a cautious approach towards cryptocurrencies and has prohibited banks from dealing with them. This means that users cannot use their bank accounts to buy or sell cryptocurrencies through platforms like Venmo. However, individuals can still trade cryptocurrencies on registered exchanges that comply with the regulations set by the Securities and Exchange Board of India.
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• ShishankMar 05, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, operates in India and is regulated by the Reserve Bank of India and the Securities and Exchange Board of India. It provides a platform for users to trade cryptocurrencies similar to Venmo. Users can buy, sell, and store cryptocurrencies securely on the BYDFi platform. The exchange follows strict KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures to ensure the safety and security of its users' funds. BYDFi also provides a user-friendly interface and a wide range of cryptocurrencies to choose from, making it a popular choice among Indian cryptocurrency traders.
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