RBI tells lenders to reconsider ties with crypto exchanges, traders

India's central bank is informally urging lenders to cut ties with cryptocurrency exchanges and traders as the highly speculative market booms, despite a Supreme Court ruling that banks can work with the industry, three sources told Reuters

The guidance comes as India is crafting a law to ban cryptocurrencies and penalise anyone dealing in them, which would be among the most sweeping crackdowns on the new investing fad in the world. But with the Covid-19 crisis engulfing the country, no one is sure when such a bill may be passed, adding to investors' confusion.

The Reserve Bank of India (RBI)