Fintech

Official digital currencies in focus as banks lock out crypto exchanges

Pratik Bhakta

May 31, 2021 | 4 Min Read

As regulators and banks globally harden their stance against crypto exchanges, the focus is shifting to digital currencies backed by central banks

HDFC Bank and SBI Card have asked customers to not use their cards on crypto exchanges, ICICI Bank has instructed its business arms to stop dealing with crypto exchanges, and Paytm Payments Bank has stopped supporting crypto transactions.

Amidst all this, considerable amount of research is underway in the space of Central Bank Digital Currency (CBDC) in India, an initiative driven by the Reserve Bank of India with support from the federal government.

India is not the only country where the regulators have stepped up pressure on crypto platforms. Similar actions have been reported from China, the United Kingdom and Canada.

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