Cryptocurrency investors in India face two risks currently. One arises from media reports that the Reserve Bank of India (RBI) has issued an informal directive to banks to not have dealings with cryptocurrency businesses.
The second risk arises from the high volatility, which saw Bitcoin plunge by around 30 per cent on May 19. Other cryptocurrencies witnessed even sharper falls. Another ban on banking services? Those running cryptocurrency exchanges concede they are witnessing greater reluctance among banks to have dealings with them. “It is true that several banks …