Banks to cease cryptocurrency transactions from Friday
Mumbai, July 5: Commercial banks in the country will no longer be able to transact in cryptocurrencies like Bitcoin from Friday in view of a Reserve Bank of India (RBI) directive in April.
In a bid to protect consumers and curb money laundering and other financial irregularities, the RBI had, on April 5, barred all its regulated entities, including banks, from dealing in virtual currencies like bitcoins, following its earlier multiple warnings on their risks.
Regulated entities already providing services to any individual or business dealing in digital currencies had been given three months to exit the relationship.
Cryptocurrency trade in rupees will stop from midnight, while exchanges or cryptocurrency companies will now be unable to avail loans or hold bank accounts.
Investors would only be able to do peer-to-peer transactions with a fellow trader and such transaction would only be possible in the form of exchange with any other cryptocurrency.
The RBI statement in April had 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."
"Virtual currencies, also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others".
The RBI, however, also said it is exploring a "fiat digital currency" issued by the central bank.
According to investigation agencies here, with the demand and price of cryptocurrencies on the rise, cyber criminals have found innovative ways to dupe those looking to invest.
Bitcoins in India have been trading at more than Rs 10 lakh each, while people are investing amounts ranging from Rs 3,000 to several lakhs of rupees.
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Man accused of killing vlogger girlfriend in Bengaluru arrested
Bengaluru: A man accused of killing his vlogger girlfriend in Bengaluru and spending two days with her body has been arrested, according to police sources. Reports suggest he was arrested outside Karnataka, indicating that he fled the state after the alleged crime.
The victim, Maya Gogoi, a vlogger from Assam, was reportedly killed by her boyfriend, Aarav Hanoy, at a serviced apartment in Bengaluru earlier this week.
In a disturbing revelation, police stated that Hanoy spent two days with Gogoi's corpse, during which he was said to have smoked cigarettes while sitting in front of the body.
Following the crime, Aarav Hanoy left the serviced apartment in a taxi and traveled to the Majestic area in Bengaluru's Central Business District. He then switched off his phone, making it difficult for the authorities to trace him.
Police had formed two special teams to locate Hanoy and launched a manhunt, which eventually led to his arrest.
Maya, who lived with her sister in Bengaluru's HSR Layout, had informed her sister on Friday that she would not be returning home as she was attending an office party. On Saturday, she sent another message stating she was partying again that night.
Maya’s sister informed the police that the couple had been in a relationship for the past six months after meeting on social media.
